Mr A owns 3 businesses under a sole trader (self employed). 2 businesses made profits and the other one made a loss. For example,
Business 1: made a profit of £50,000
Business 2: made a profit of £10,000
Business 3: made a loss of £70,000
Does Mr A have to pay any income tax?
Please give reasons for your answer and back it up with HMRC rules. Thank you.