If you become your own boss, you can claim a deduction for:
- Expenditure incurred wholly and exclusively for the purposes of your business: s 81.
- Trading losses: s 381.
- Capital allowances on plant, machinery and equipment (12.5%): s 284.
- Capital allowances on an industrial premises (4%): s 272.
Rental income is not the same as trading income and rental losses can only be offset against rental income.