Marcus begins trading on 1 January 2016 and has the following results: (a) Compute his trading income

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Marcus begins trading on 1 January 2016 and has the following results:

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(a) Compute his trading income (before loss relief) for 2015-16 to 2017-18.

(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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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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Marcus begins trading on 1 January 2016 and has the following results: (a) Compute his trading income

Question:

year to 31 December 2016 year to 31 December 2017 He has no other income. Adjusted trading profits/(losses) before capital allowances 17,720 (7,480) Capital allowances claimed 6,460 2,320

Step by Step Answer:

To compute Marcuss trading income and identify potential claims related to the trading loss lets break it down a Compute his trading income before los...View the full answer

Taxation Finance Act 2017

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