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Trading loss in first 4 years for sole trader.

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Trading loss in first 4 years for sole trader.

  • This topic has 1 reply, 2 voices, and was last updated 6 years ago by Tax Tutor.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • October 10, 2018 at 12:56 pm #477057
    arjunbhandari
    Participant
    • Topics: 3
    • Replies: 41
    • ☆

    Hello all

    A sole trader made a loss in the first year and therefore qualified for special rules and took the loss 3 years back in FIFO basis.

    Second year, he also made loss and wants to carry back another 3 years to claim the tax that is paid to be refunded.

    Is this doable?

    Kind regards

    Arj

    October 11, 2018 at 2:41 am #477166
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    Have you watched the lectures and/or worked chapter 7 example 5?

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