My business is making a loss. What does this mean for tax?
Your business is considered making a loss when your business’s expenses are greater than its income. In this case your business will be exempt from paying income tax. If you find your business in this position, you may be able to carry the loss forward to the following tax year to offset its income, or in special circumstances transfer the loss to another company. If you would like to discuss what this could mean for your business, get in touch with our expert accountants and business advisors at admin@cornish.co.nz