Losses in closing years – ACCA Taxation (TX-UK) Exam FA2019
YouTube video
4 Comments
H
hasta·
Hello Sir,
Re example 6 on reading text
Terminal loss relief gave only 24000, but actual loss is 25000.
If i am not wrong, is this 1000 is still available for relief on current total income relief as usual procedure for ongoing business ( current and/or preceding year) or this 1000 is wasted since we adopted terminal lost relief.
J
Joshua·
Hi,
Thanks for the great content, I have one question however.
When computing the final 12 months loss in the Donald Example, we saw that the £1,000 profit was added in the final year Assessment (19/20). However as this amount would have been included in the CYB assesment of £6,000 profit for Tax year 18/19, does this not lead to further overlap issues to be added to the final loss?
Or am I totally missing something here?
M
Myranna·
The final period is not 12 months.
M
Myranna·
Ok so you mean David example.... Good point with the £1,000. Now I am confused too..
Re example 6 on reading text
Terminal loss relief gave only 24000, but actual loss is 25000.
If i am not wrong, is this 1000 is still available for relief on current total income relief as usual procedure for ongoing business ( current and/or preceding year) or this 1000 is wasted since we adopted terminal lost relief.
Thanks for the great content, I have one question however.
When computing the final 12 months loss in the Donald Example, we saw that the £1,000 profit was added in the final year Assessment (19/20). However as this amount would have been included in the CYB assesment of £6,000 profit for Tax year 18/19, does this not lead to further overlap issues to be added to the final loss?
Or am I totally missing something here?