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
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