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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15940
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Can you offset dividend income against business losses in previous

Customer Question

can you offset dividend income against business losses in previous years - i am a sole trader and currently have £100,000 of losses to carry forward
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi. Business losses which are carried forward can only be offset against future profits from the same business. You cannot carry back dividend income from a later year to an earlier year. Take a look at the notes here for information on how you can use losses you make as a sole trader when not operating through a limited company: https://www.gov.uk/government/publications/losses-hs227-self-assessment-helpsheet/hs227-losses I hope this helps but let me know if you have any further questions.
Expert:  TonyTax replied 1 year ago.
Hi, I'm just checking in to find out if you need further advice or clarification.