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assessable profit query

  • 14-06-2010 8:27pm
    #1
    recedite
    Closed Accounts Posts: 13,992 ✭✭✭✭


    I understand that assessable profit would normally be the same as the adjusted net profit. in the self assessment tax form. However in this case I want to offset the loss made in one trade against the profit in another trade (same sole trader and same year).
    Should I subtract the loss from the profit to get a new single smaller assessable profit ?


Comments

  • #2
    jockey#1
    Registered Users, Registered Users 2 Posts: 317 ✭✭jockey#1


    recedite wrote: »
    I understand that assessable profit would normally be the same as the adjusted net profit. in the self assessment tax form. However in this case I want to offset the loss made in one trade against the profit in another trade (same sole trader and same year).
    Should I subtract the loss from the profit to get a new single smaller assessable profit ?

    On the paper Form 11, box 112(a) you enter the loss for this trade. When Revenue calculate the total assessable income this loss should be offset against the profit from the other trade or any other income.

    I most certainly would not subtract the loss from the profit.


  • #3
    recedite
    Closed Accounts Posts: 13,992 ✭✭✭✭recedite


    jockey#1 wrote: »
    On the paper Form 11, box 112(a) you enter the loss for this trade. When Revenue calculate the total assessable income this loss should be offset against the profit from the other trade or any other income.

    I most certainly would not subtract the loss from the profit.
    Thanks jockey#1!:)


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