Which Schedule. PAYE TRADE and RENT

greeneman

Registered User
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My wife and I pay about €36K in PAYE income tax each year. We have foreign rent losses.
WE also run a storage business. No leases. Invoice for period of time in which we store their goods. Week/Month/Quarter. Business loses about 15000 per annum due to interest and rates. I return it as loss on rental income. I have accumulated losses of 160K. I now think I am a trade. If so, what are the implications in terms of offsets etc. ? Am I stupid ? I find accountants indecisive and expensive ? Probably stupid there too ?
 
Who ownes the building that you trade from?

Is your storage business registered for VAT? If so then in whose name?
 
Thanks Joe 90. I own the building. It is a commercial warehouse. I registered for VAT when I bought it. I charge all my clients 23% VAT. I claim VAT on purchases relating to the operation. I am a sole trader.
 
I would think that you are operating a trade of storage facilities.

The loss on a trade can be set against other income in the current year.

Might be best to go and talk to an accountant.
 
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