I have a cleint that does futures trading and had made a loss for the 2021 tax year.
Am I able to deduct these losses against other income from salary and wages ?
Thanks in advance
1,198 views
1,198 views6 replies
6 replies
1,198 views
6 replies
This thread is archived and the information may not be up-to-date. You can't reply to this thread.
Hi @DavidCook,
To deduct/offset the losses against other income the non-commercial losses rules need to be met. If you're unable to claim the loss in 2021 due to the rules, the loss must be deferred.
I've noticed recently there's some confusion in working out if a business activity has had an 'overall loss'. Completing this worksheet will determine if there is an overall loss for the business activity. If the calculation results in an 'overall profit', the loss can be claimed in 2021. Below the worksheet there's instructions on how to claim the loss if this is the case.
Thanks and all the best
All replies
Hi @DavidCook,
To deduct/offset the losses against other income the non-commercial losses rules need to be met. If you're unable to claim the loss in 2021 due to the rules, the loss must be deferred.
I've noticed recently there's some confusion in working out if a business activity has had an 'overall loss'. Completing this worksheet will determine if there is an overall loss for the business activity. If the calculation results in an 'overall profit', the loss can be claimed in 2021. Below the worksheet there's instructions on how to claim the loss if this is the case.
Thanks and all the best