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Michael Paul Accountants

Trading losses – Sole traders and partnerships

21st April 2011

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.

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