Sharron West and Claire Thackaberry consider the traps open to self employed workers who have made losses, and how to maximise loss relief
We know that for many unincorporated businesses the last tax year has been a tough period to have been trading. Depending on the business basis period, this could mean that there is a self-employed loss in the 2020/21 tax year.
This article highlights some areas to think about when considering how best to get tax relief for a self-employed trading loss in 2020/21.
Although LITRG focuses primarily on matters affecting those on low incomes, many of the issues raised here will be of interest to those dealing with unincorporated businesses of all shapes and sizes.