Trading losses – Sole traders and partnerships
Paul from M P Accountants Northamptonshire summarises trading losses for individuals.
Trading losses for individuals can be relieved in a number of ways, some depend upon specific situations such as whether the trade is new or ceasing.
As a very brief summary the loss reliefs available are:
- S64 ITA 2007 – Against total income
- S83 ITA 2007 – Carried forward against trading profits
- S261B TCGA 92 – Against capital gains
- S72 ITA 2007 – Against total income
- S89 ITA 2007 – Against trade profit
At M P Accountants Kettering, Corby, Northampton and Market Harborough are conveniently located near to our premises in Lamport although we have clients from all over the UK. We are a firm of Chartered Certified Accountants ensuring you receive a professional and competent service at all times.
If you need any advice regarding losses or any other accounting or taxation matters please don’t hesitate to contact us.