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RICHARD CURTIS casts a weather eye over losses and overlap periods
KEY POINTS
- Basis periods overlap periods and overlap profits.
- Losses arising in early years of business.
- Overlap profits of £nil must not be forgotten.
- The effects of changed accounting dates.
- Overlap relief can enhance loss relief.
Ahead and astern port and starboard and stem and stern; alternatively for the landlubbers among us forward and reverse left and right (when facing the bow of course) and front and back.
Many phrases both on land and sea have their opposites and it’s easy to think that tax is no different: debit and credit payment and repayment and profits and losses.
But avast there taxmates; belay that last comparison. A common mistake for new tax crew members is that a loss is the opposite of...
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