Marcus begins trading on 1 January 2020 and has the following results: (a) Compute his trading income

Question:

Marcus begins trading on 1 January 2020 and has the following results:

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(a) Compute his trading income (before loss relief) for 2019-20 to 2021-22.

(b) Identify the claims that could be made in relation to the trading loss, assuming that early trade losses relief is not claimed. Which (if any) of these claims should be recommended?

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Taxation Finance Act 2021

ISBN: 9781292406725

27th Edition

Authors: Alan Melville

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Question Posted: Jan 31, 2024 02:01 AM

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Marcus begins trading on 1 January 2020 and has the following results: (a) Compute his trading income

Question:

Adjusted trading profits/(losses) before capital allowances 19,080 (7,480) year to 31 December 2020 year to 31 December 2021 He is single and has no other income. Capital allowances claimed 6,460 2,320

Step by Step Answer:

Lets address both parts of the question step by step a Compute trading income before loss relief for 201920 to 202122 To compute the trading income we ...View the full answer

Taxation Finance Act 2021

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