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Cost of Living Payment The Government has announced a Cost of Living Payment, which will be paid from 1 August 2022. You do not need to apply for this payment. If you are eligible, we’ll pay it into your bank account. Find out more

Your business is making a loss if its expenses are greater than its income. Businesses that are making a loss do not have to pay income tax.

A loss can often be used to reduce your taxable income in the future.

If your company is making a loss it may be able to:

  • carry the loss forward to the next tax year to offset its income
  • transfer the loss to another company.

If your company is a look-through company any losses will be passed on to its shareholders.

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