Termial losses - order of set off

Termial losses - order of set off

Didn't find your answer?

Can any one refresh me as to the order of set off of trading losses:

2007/2008
Loss for the year (on ceastion) £2,705

other income for £8,302

Trading income for £7,789

Other income £6,710

Can losses on ceasation be carried back and set off againt the trading income for 2006/07 as the income for the current year is covered by personal allowances and below 10% band.

Client is over 65 and therere entitled to additional personal allowances.

I would appreciate any suggestions.

Pn

pelu naam

Replies (0)

Please login or register to join the discussion.

There are currently no replies, be the first to post a reply.