[emily19]

Yes basically thats what I have done, I also deducted Employers class 1 NIC.

[emily19]

For question 1 loss relief, I can see the question provided different years profits for prior year but I didn’t use that as question said no opening year trading relief nor terminal loss relief so I used transferring business to company-trading loss relief to set the final period losses against the first income Lucia received from the company.

Anyone has better ideas?

[emily19]

Oh no is the first question sole trader with losses. I struggled a little, I in the end decided to work on the adjusted taxable trading profit for company and also based on that post-tax profit calculated out Lucia’s income tax on her salary and dividend.

[emily19]

Not enough time to finish all. Don’t even remember those exam questions I just attempted. Does everyone remember please?

[Author]

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