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