Does anyone know what happens if self employed losses exceed employed salary.
My partner was self employed but the business has closed. We incured trading losses and he is now in employed work. I know that trading losses can be deducted from employed earnings but what if the losses exceed his employed earnings. Is it possible to carry over to the next year or is it not possible as he is no longer self employed.
My partner was self employed but the business has closed. We incured trading losses and he is now in employed work. I know that trading losses can be deducted from employed earnings but what if the losses exceed his employed earnings. Is it possible to carry over to the next year or is it not possible as he is no longer self employed.