Brooke had been trading profitably as a sole trader for many years.

However, in the year ended $31$ August $2021$ she made a trading loss of $65,000.$

Brooke has the following income in the tax year $2022/23$:

Trading profit for year ended $31$ August $2022$: $12,000$

Dividend income:                                                                 $9,000$

Property income:                                                                  $4,000$

ISA $($Individual Savings Account$)$Interest Received:       $1,000$

What is Brookes net income for the tax year $2022/23$ assuming she carries the trading loss forward?

 

Answer rating: 100% (QA)

To calculate Brookes net income for the tax year 202223 taking into account the trad... View the full answer