Marcus begins trading on 1 January 2019 and has the following results: He is single and has

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Marcus begins trading on 1 January 2019 and has the following results:

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He is single and has no other income.

(a) Compute his trading income (before loss relief) for 2018-19 to 2020-21.

(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 2020

ISBN: 9781292360713

26th Edition

Authors: Alan Melville

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Question Posted: Feb 10, 2024 01:01 AM

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Marcus begins trading on 1 January 2019 and has the following results: He is single and has

Question:

year to 31 December 2019 year to 31 December 2020 Adjusted trading profits/(losses) before capital allowances 19,080 (7,480) Capital allowances claimed 6,460 2,320

Step by Step Answer:

a b Year 201819 201920 20202...View the full answer

Taxation Finance Act 2020

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