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hi, could you explain to me in basic terms how we compute loss relief and how we get the figures. Seems to be holding me back whenever it comes up. An example would be great. I’m doing the irish version if that makes any difference. Thanks!
Hi, sorry cannot help you with Irish Taxation but the usual issues are trying to avoid paying tax at the higher tax rates where variable rates apply dependent upon level of income and also to avoid wasting any other deductions from income and to use the loss at the earliest available opportunity. There may also be a distinction between the reliefs available to a company as compared to an unincorporated trader. Good luck!
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