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 ?
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 ?