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Our sole trader client was a publican (with accumulating business losses) in town A. Prior to cessation, he purchased another non-trading public house in town B (75 miles away) intending to sell the town A business and then start trading in town B.
However, due to lack of buyer interest in the original business, the trader opened the town B business under management prior to disposal of the original pub. Other than the owner, there were no staff, stock or customers common to both businesses.
Our sole trader client was a publican (with accumulating business losses) in town A. Prior to cessation he purchased another non-trading public house in town B (75 miles away) intending to sell the town A business and then start trading in town B.
However due to lack of buyer interest in the original business the trader opened the town B business under management prior to disposal of the original pub. Other than the owner there were no staff stock or customers common to both businesses.
Faced with continuing losses and no immediate prospects of a sale the original pub was closed within 14 days of the opening of the second.
Can this be considered to be one 'trade' with the brought forward losses from the original business being available to set against the future profits of the second? Should separate accounts be prepared for...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
