Use a property loss to offset contractor tax

[RichA]

I have a property development company that has made a tax loss. Are there any ways that I can use this loss shelter earnings from self-contacting? i.e. earnings from self-contracting taxed at a lower rate due to tax loss carried forward.

Many thanks for any advice,

Rich

[NotAllThere]

Different business streams, so no.

[BrilloPad]

I tried to offset once - accountant told me no way. I was suprised - but seems rules are very very tight in this area.

[RichA]

Dissapointing.

Anything that can be done here?

[Lewis]

Dissapointing.

Anything that can be done here?

I think you can offset self-employment losses against other income on your self asessment tax return but it sounds like you weren't self employed.

[RichA]

Does it make a difference if the property losses are current year (08/09) losses?

Hence the profit & loss for the co. will be the sum of loss from property and income from contracting. Is tax calculated on the same basis?

i.e. does the 'same trade' rule apply only to losses b/fwd or does it also apply to c/yr losses?

Thks.