At present I am employed and pay tax via PAYE.
Ive recently purchased some land that qualifies for Single Farm Payment
The money the land will generate via the Single Farm Payment, Grassing rights etc wont cover the money that Ill pay in maintaining the land, therefore Ill make a loss. In itself this isnt a problem as I didnt buy it to make money. My question is, can I set the loss I make on the land against the tax I pay (via PAYE) on my earnings.
Monies going in and coming out (in other words the loss) will not be within a company or partnership
Thanks for any advice
Paul
Ive recently purchased some land that qualifies for Single Farm Payment
The money the land will generate via the Single Farm Payment, Grassing rights etc wont cover the money that Ill pay in maintaining the land, therefore Ill make a loss. In itself this isnt a problem as I didnt buy it to make money. My question is, can I set the loss I make on the land against the tax I pay (via PAYE) on my earnings.
Monies going in and coming out (in other words the loss) will not be within a company or partnership
Thanks for any advice
Paul