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early year trade loss relief

This topic has 1 reply, 2 voices, and was last updated 7 years ago by Tax Tutor.

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July 22, 2018 at 1:38 pm #464225
rizwankazmi
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we can take our early year trade loss to set off against last 3 years. but what benefits will I get if my first year of operation turns out be loss and I have just started trade and have no previous years income. What benefit will I get to set off my loss?
July 22, 2018 at 9:58 pm #464279
Tax Tutor
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It would be usual for anyone starting their own business to have previously been an employee so that prior years income would exist. If there was no such income then the taxpayer would simply have to choose a different loss relief option!
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