Olive ceases trading on 31 May 2020. Her recent adjusted trading profits/(losses) are: Overlap relief of 7,140
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Olive ceases trading on 31 May 2020. Her recent adjusted trading profits/(losses) are:
Overlap relief of £7,140 is available. Calculate the terminal loss and show how this would be relieved, assuming that Olive has savings income of £10,000 per annum and that no claims are made to set trading losses against total income.
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year to 30 June 2016 year to 30 June 2017 year to 30 June 2018 year to 30 June 2019 11 months to 31 May 2020 37,450 39,190 16,120 (6,840) (36,300)
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In order to calculate the terminal loss for Olives business which ceased trading on 31 May 2020 we need to take into account her trading profits and losses for the past years as well as any available ...View the full answer
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