Marcus begins trading on 1 January 2021 and has the following results: Adjusted trading profits/(losses) Capital allowances
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Marcus begins trading on 1 January 2021 and has the following results:
Adjusted trading profits/(losses) Capital allowances before capital allowances claimed
£ £
year to 31 December 2021 19,080 6,460 year to 31 December 2022 (7,480) 2,320 He is single and has no other income.
(a) Compute his trading income (before loss relief) for 2020-21 to 2022-23.
(b) Identify the claims that could be made in relation to the trading loss, assuming that early trade losses relief is not claimed. Which (if any) of these claims should be recommended?
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