Brendan ceases trading on 30 September 2020. His recent trading profits/(losses) are: He has no other income.
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Brendan ceases trading on 30 September 2020. His recent trading profits/(losses) are:
He has no other income. Overlap profits of £4,700 arose when Brendan began trading and no claims are made to set Brendan's trading loss against his total income. Calculate the amount of the terminal loss and show how this may be relieved.
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year to 31 January 2018 year to 31 January 2019 year to 31 January 2020 8 months to 30 September 2020 44,700 6,500 2,100 (21,840)
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The calculation of the terminal loss is as follows Trading loss 6420 to 30920 Tr...View the full answer
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