Hi... In a nutshell I'm looking at some advice in regards to if I'm able to offset business costs incurred as a Sole Trader against the income tax I pay as an employee of another company..
I'm debating whether or not to set up a business as a sole-trader, and the business is something where it may literally not make a penny.. However it might.. that being said:
If I did setup a sole-trader business, could I offset potential costs incurred from the business against my income tax, regardless of profit made? So for example say I bought some office equipment and a PC (£1000 say), and I had every intention of using this for my business.. but it never materialised into earning any money - Could I still offset that £1000 cost against my PAYE tax arrangement with my employer.
Sorry If I havn't worded this very well - Thanks in advance!
Jack
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