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tax benefits

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AFM Exams › tax benefits

  • This topic has 1 reply, 2 voices, and was last updated 12 years ago by John Moffat.
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  • November 8, 2012 at 9:28 am #55119
    khalid711
    Participant
    • Topics: 5
    • Replies: 2
    • ☆

    I m confused that if there is loss in one period , we have the right to carry forward it in next year to claim, in that period of loss can we claim capital allowances? for refrence i faced this problem in december 2011 attempt Q1 of Tramont co.
    Tax benefit 4000 every year can we wrte it in year 1 or it would be treated in year 2 and how it would be treated .
    please solve my problem.

    November 8, 2012 at 8:46 pm #106811
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54699
    • ☆☆☆☆☆

    We always assume that the company is already making profits and is therefore already paying tax.

    If a new project makes a ‘loss’ then it simply means that the company as a whole makes less profit and therefore pays less tax. So a ‘loss’ from the project results in a tax saving.

    There is never any question of the company as a whole making a loss, and therefore loss relief is irrelevant.

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