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  • RE: Offseting business expenses against pension income

    Hi. They are not trading losses its I have done business miles and subsistence for each of my businesses. As a director of each company I have put the relevant miles as an employee/director of each company. However I have not taken a salary from the companies so the 40ppm tax relief is against a Nil income for each company. As I have a pension source that is taxable are you saying I can not use the relief against my total income only that per company ? Thanks
  • Offseting business expenses against pension income

    Hi I am in the situation where I have received c25k from a uk pension. The provider deducted no tax for 22-23 tax year for some reason. I also have 3 business that are yet to recover from covid impact so have not been able to take an income but have incurred c£4.5k of expenses keeping them running. Im doing my self assessment return put in my pension income in uk pensions section and the expenses against each company with a Nil income return. I'm being told I owe c3k in tax for 2022/2023 but by my calculations the business expenses tax relief offsets the pension tax. Any idea how I should report the figures to ensure I'm not over taxed ? Thanks