Proforma in Lecture 2

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July 21, 2019 at 7:44 pm #524501

rosalieme
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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

Tax Tutor
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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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