Brendan ceases trading on 30 September 2017. His recent trading profits/(losses) are: He has no other income.

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Brendan ceases trading on 30 September 2017. His recent trading profits/(losses) are:

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He has no other income. Overlap profits of £4,700 arose when Brendan began trading and no claims are made to set Brendan's trading los s against his total income. Calculate the amount of the terminal loss and show how this may be relieved.

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Taxation Finance Act 2017

ISBN: 9781292200804

23rd Edition

Authors: Alan Melville

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Question Posted: Feb 07, 2024 08:41 AM

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Brendan ceases trading on 30 September 2017. His recent trading profits/(losses) are: He has no other income.

Question:

year to 31 January 2015 year to 31 January 2016 year to 31 January 2017 8 months to 30 September 2017 24,700 12,500 2,100 (21,840)

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The calculation of the terminal loss is as follows Trading loss 6417 to 30917 Tr...View the full answer

Taxation Finance Act 2017

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