Brendan ceases trading on 30 September 2020. His recent trading profits/(losses) are: He has no other income.

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Brendan ceases trading on 30 September 2020. 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 loss 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 2020

ISBN: 9781292360713

26th Edition

Authors: Alan Melville

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Question Posted: Feb 10, 2024 01:01 AM

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Brendan ceases trading on 30 September 2017. His recent trading profits/(losses) are: He has no other income. Overlap profits of 4,700 arose when Brendan began trading and no claims are made to set...
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Brendan ceases trading on 30 September 2020. His recent trading profits/(losses) are: He has no other income.

Question:

year to 31 January 2018 year to 31 January 2019 year to 31 January 2020 8 months to 30 September 2020 44,700 6,500 2,100 (21,840)

Step by Step Answer:

The calculation of the terminal loss is as follows Trading loss 6420 to 30920 Tr...View the full answer

Taxation Finance Act 2020

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