Setting of business losses

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25 Points Posted on 28 August 2022
Can business losses be set off against other heads except salaries
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On 28 August 2022 at 19:28 Report
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Quick Summary
In the UK, business losses (excluding speculative losses) can generally be set off against income from any other source, with the notable exception of salary income. This means you can use business losses to reduce your tax liability on other business gains or other eligible income streams. However, it's crucial to ensure compliance with audit requirements when doing so.

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SEO Sai Gr. Hosp.
212447 Points Posted on 28 August 2022

Business loss other than speculative business can be set off against any head of income except SALARY..

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On 28 August 2022 at 19:35
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754 Points Posted on 28 August 2022
Loss from business and profession cannot be set off against income chargeable to tax under the head “Salaries”
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On 28 August 2022 at 19:38
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Profession Business
28246 Points Posted on 29 August 2022
Business loss can be set off against any business gain
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On 29 August 2022 at 07:48
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tax consultant
3306 Points Posted on 30 August 2022
Yes it can go to any other head.
but do make sure you are complying with audit requirement
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On 30 August 2022 at 10:01
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Chartered Accountant
86505 Points Posted on 03 September 2022
Yes you can set off from any head other than salary ( normal business only )
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On 03 September 2022 at 20:53

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