Meaning of “set sth (off) against sth” in the English Dictionary

"set sth (off) against sth" in Business English

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set sth (off) against sth

phrasal verb with set uk /set/ us verb setting, set, set

ACCOUNTING to use or record one thing, especially the cost of something, in order to reduce or remove the effect of another:

Costs of new equipment or machinery, such as a computer, can also be set against tax.
The rules do not allow surpluses over book value in other parts of the business to be set off against reductions elsewhere.

set sth (off) against sth

phrasal verb with set uk /set/ us verb setting, set, set

TAX to say that an amount of money should be considered a cost of your business and that therefore you should not pay tax on it:

You can set off anything you spend on computer equipment against tax.

(Definition of “set sth (off) against sth” from the Cambridge Business English Dictionary © Cambridge University Press)