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Slash Your Tax for Small Businesses - 4. How business profits are taxed - 4.1. Core questions - 4.1.4. What happens if the business makes a loss?
4.1.4. What happens if the business makes a loss?When the business makes a loss, then by default that loss is carried forward and used to reduce the next available profits of the same business. There are other options though. A company can carry the loss back to the previous accounting period and trigger a repayment of CT paid for that period.Click here -
Slash Your Tax for Small Businesses - 4. How business profits are taxed - 4.6. How a company gets relief for losses - 4.6.1. If my company has a loss, how will it get tax relief?
4.6.1. If my company has a loss, how will it get tax relief?Broadly speaking, one of two things will happen with the loss. Either:the trading loss will be carried forward by total profits (subject to the trade continuing, and some other conditions);the company will instead claim sideways relief for the year of the loss, or the previous year.If the company is a member of a group, it may be possible for another company in the group to claim group relief for the loss.Additionally, if there is a loss when the trade...Click here -
Slash Your Tax for Small Businesses - 4. How business profits are taxed - 4.8. How a sole trader/partner gets relief for losses - 4.8.1. If I have a loss as a sole trader or partner, how do I get tax relief?
4.8.1. If I have a loss as a sole trader or partner, how do I get tax relief?Broadly speaking, one of two things will happen with the loss. Either:the trading loss will be carried forward by default against future trading profits; oryou will instead claim sideways relief for the losses.In the first three years of your business you may be able to claim an early years’ carry back of the losses against your income before you commenced self-employment.Additionally, if there is a loss when the trade ceases,...Click here
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