The following Personal Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
Relief for trading losses for sole traders is discussed in detail in the following guidance notes:
Sole trader loss relief ― opening years
Sole trader losses ― established trades
Sole trader losses on cessation
The main factors which should be taken into account in loss relief planning are as follows:
marginal rate of tax ― for maximum savings, losses should be offset against income taxed at higher marginal rates of tax in priority
personal allowances and annual exempt amount ― where possible, relieve losses in such a way as to preserve these allowances
cash flow ― consider whether it is more important to the taxpayer to claim relief for earlier years, which may generate a cash repayment, or to obtain relief at the highest marginal rate
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