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Looking at a loss.
KEY POINTS
- Losses may be set against income of different years.
- Corporate losses are set against total profits namely all types of income and gains before deducting qualifying charitable donations.
- Treatment for losses of sole traders differs from corporate loss relief.
- Trading losses can also be set against capital gains.
- Non-tax considerations may be relevant when allocating losses.
Companies and sole traders are not always profitable; they may make losses too. However there are options available to use trading losses for both types of business although the reliefs differ.
It is easy to think that if a business makes a loss relief for this will be obtained by setting it against future profits and that even if sideways or carry-back options are considered it’s a case...
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