Hi. If in 2019/20 the sole trade of a farming business incurs a loss and the previous year incurred a profit, what are the ways the loss can be carried back? Other income over both years for the individual is employment, partnership, rental income. In 2018/19 they were in the 41% tax bracket.
Is it allowable to carry the loss back? If so, does it go against other income rather than the sole trade profit?
If it can go agianst the sole trade profit, can this be done before farming averaging is applied?