Hello
If you've seen my previous posts, you'll know I am not a tax specialist.
The scenario is as follows:
Individual has IR35 company, and often works through this.
He also has land in Cyprus, which he intended to develop but cannot afford to at present. So he is paying loan interest with no income.
Any ideas to offset income against costs?
Thanks - SA
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If it is development then....
He may be able to make a claim for the loss as a trading loss, and then offest against total income. Total income being exactly that, employment or self employment. Therefore if IR35 is applicable then pay the amount in salary and claim the interest as a trading loss, thereby reducing his income...
If IR35 not applicable then can still make claim, although may have less effect depending on how much/how money is taken from his ltd co..
Biggest problem is probably getting the cyprus interest as trading loss..