Hi Every body ,
I am stuck at treatment of Trading Losses. Trading Losses b/fwd £
165,000 from previous years.
My question is How could i set off Rental income of £1,500 against
b/fwd
losses and under what section so i could utilise and avoid Corporatin
tax.
Current year Trading profits £ 45,000.
Sch A income -Rent £ 1,500.
Corporation Tax summary:
Losses b/fwd £165,000
Utilised s393(1) (£45,000)
Remaining losses £ 120,000.
Kind Regards
.
Rehan Arain