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Proforma in Lecture 2

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Proforma in Lecture 2

  • This topic has 1 reply, 2 voices, and was last updated 6 years ago by AvatarTax Tutor.
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  • July 21, 2019 at 7:44 pm #524501
    Avatarrosalieme
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    • Topics: 2
    • Replies: 1
    • ☆

    On the proforma discussed in lecture 2 for Income Tax Computation, in the section for trading profits, it has Trading profits and second line item is “less: trading loss reliefs bfwd, if for the current year there is a trading loss in stead of a trading profit would that replace the line item “trading profits”

    July 24, 2019 at 3:11 am #524766
    AvatarTax Tutor
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    • Topics: 2
    • Replies: 3960
    • ☆☆☆☆☆

    If a trading loss was sustained for the current tax year you would simply include “nil” as the trading income assessment – losses are dealt with in Chapter 7.
    Are you following the lectures along with the notes?

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