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Self assessment and also Director of Ltd company. Can I offset aggregate losses?

Hi all. I hope you can help.

I complete a self-assessment form every year and pay a small amount of income tax as a result.

However, I am just in the process of starting a small limited company, (it is in a different type of business altogether and I am the only director). But I will be using my own money to fund the new company for the first year or two and for that period, (at least), I will not pay myself a salary and it will not make any profit.

Can I claim my personal investment to the company against tax on my self-assessment form? I don't regard it as a loan to the company as it will not be paid back.

Many thanks.

Howard.

Reply to
HawiiC
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No.

You might to regard it as so, but the law will.

Why not? Why would anybody make an investment in a company that they didn't expect to get back? (That's a rhetorical question, as any answer that you could reasonably give serves the purpose of justifying why the revenue treat it as they do)

tim

Reply to
tim....

Hi. Yes, I see your point. But it would actually suit me better if I could claim it against my self-assessment this year, - rather than against the limited company in a few years time. Is there a way of doing this, do you think?

Reply to
HawiiC

Not possible.

Reply to
Peter Saxton

Ahh, OK. Thanks for the replies everyone. It was certainly worth asking :)

Reply to
HawiiC

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