Starting second business, losses

[chrisdarl]

I'm contemplating starting a second business, again as a sole trader.

How would my annual tax return work out if I start the new business this tax year 20/21, and make a loss on the new 2nd business this tax year?

For example;
Current business, 30k profit
New business, expected loss due to equipment asset purchases (-£15k) as a AIA

for 20/21 would I pay tax on £15k (30k-15k)?

Thank you