if the company has not ceased trading or changed ownership?
I can only find this on HMRCs website:
For accounting periods ending on or after 30 September 1993 a company does not have to make a claim to carry forward trade losses for set-off against future trading income of the same trade.
- in order, and
- without omission.
second question: if the company goes dormant with a loss, can we apply this loss when it starts trading again? (and is there a time limit to that?) The directors are waiting for opportunities while also having their permanent jobs.
Many thanks
Luke
Replies (2)
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Do not let the trade
go dormant if there are unrelieved losses.
All that needs to be proved is that the effort to get business continues.
.
There may be an argument from some, that when the directors do find a trade in the future it will not be the same trade. Remember it is only availbale against same trade profits.