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Hi sir, plz explain me the answer for this particular question.
Q#13.Naomi is self-employed. For the year ended 5 April 2015 she made a trading loss of £110,000, having made a
trading profit of £24,000 for the year ended 5 April 2014. Naomi also had employment income of £92,000 for the
tax year 2013–14.
What is the maximum loss relief claim which Naomi can make against her total income for the tax year 2013–14?
A £74,000
B £50,000
C £110,000
D £29,000First you can claim full amount of trading profit of 24,000. Loss relief against other income (other than trading profit) is restrcited to 25% of profit or 50,000. So the total relief 50+24 = 74,000.
I am unable to see any link to past question paper or answers in OT. Can you please share the link to past papers.
https://opentuition.com/acca/f6/ here is the link – you can find answers on this page
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