Sole trader registered for VAT for last 5 years.
I will be declaring a loss on SA for 20/21 (6/4/20 to 5/4/21) of say £45k
Im also hoping to move permanently to Italy early January 2022 and my understanding is I would have to pay half my expected tax in end of June in Italy and submit tax returns etc to Ialian authorities at the end of 2022.
So Im wondering whether the losses of my sole trader busniess in UK could be offset against income tax for the exact same business when im then tax resident in Italy?
Due to covid from 5/6/21 to 31/12/21 I think profits after personal allowance will only be around £17,000 leaving £28,000 loss unused.
If the losses are not transferable, I may have to delay moving for another 9-18 months.
Thanks for your help.