Olive ceases trading on 31 May 2020. Her recent adjusted trading profits/(losses) are: Overlap relief of 7,140
Question:
Olive ceases trading on 31 May 2020. Her recent adjusted trading profits/(losses) are:
Overlap relief of £7,140 is available. Calculate the terminal loss and show how this would be relieved, assuming that Olive has savings income of £10,000 per annum and that no claims are made to set trading losses against total income.
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In order to calculate the terminal loss for Olives business which ceased trading on 31 May 2020 we need to take into account her trading profits and losses for the past years as well as any available ...View the full answer
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