P Patgdirector Registered User Messages 38 6 Dec 2018 #1 If I setup a sole trader business and I am still working full time for another company(full PAYE), if I have losses in the sole trader business can I claim these off my Paye income for up to 3 years?
If I setup a sole trader business and I am still working full time for another company(full PAYE), if I have losses in the sole trader business can I claim these off my Paye income for up to 3 years?
M Mary55555 Registered User Messages 136 8 Dec 2018 #2 Hello , Under section 381 trading losses in a year can be elected to be set off against all other income. I’ve not heard specifically of a 3 year rule ( bar investments in certain companies special scheme..)
Hello , Under section 381 trading losses in a year can be elected to be set off against all other income. I’ve not heard specifically of a 3 year rule ( bar investments in certain companies special scheme..)
P Patgdirector Registered User Messages 38 13 Dec 2018 #3 Thanks Mary for reply, so if simple terms if I have a profit of say €6K on rental income and a loss of €6K on a sole trader business I pay no tax?
Thanks Mary for reply, so if simple terms if I have a profit of say €6K on rental income and a loss of €6K on a sole trader business I pay no tax?
M Mary55555 Registered User Messages 136 14 Dec 2018 #4 Well you wouldn’t have to pay income tax. You most likely would have to pay prsi and usc.