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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?
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!