If you are setting up a new business, you may discover that establishing a profitable base takes time. If your pre-trading planning discloses an initial loss making period, you may want to take advice about the business structure you adopt.   For example, if you set up the business as a company, the early year’s losses can only be carried forwards to set off against future profits.   Alternatively, if you set up the business as a sole trader (or certain partnerships) there is a possibility of setting the initial trading losses against your other earnings. In this way you [...]