If a sole trader or a partnership makes a loss in their trade, that loss can be carried forward against future profits, or set against other income for the tax year concerned or for the previous year, and also against capital gains of the tax year. This relief against other income or gains is sometimes referred to as “sideways” loss relief.
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- Budget & Autumn Statements
- Quarterly newsletters
- Charity newsletters
- Academy bulletins
- James Bailey’s tax publications
To read some of the documents below you will need to have PDF software installed on your computer. A popular choice is Adobe Reader, which is free and available to download from Adobe here.
Tax Relief for Trading Losses – is it “Commercial”?
Dividend Waivers – Beware the “Settlements” Rules
In a typical family company, paying dividends is a tax-efficient way of extracting profits for the shareholders. Dividend waivers, where a shareholder gives up the right to a particular dividend, can also enhance that tax efficiency, but it is important to be clear on what waivers HMRC are likely to challenge – and what they cannot.
Agreeing to Disagree – Appeals Against HMRC Decisions and Assessments
The normal time limit for appeals against HMRC assessments and decisions is 30 days, but HMRC can accept late appeals – and are required to do so if there is a “reasonable excuse” for the lateness.
A recent tax case (Elazoua v Revenue & Customs (2014) UKFTT 75 (TC)) concerned late appeals against various HMRC assessments and closure notices, and the Tribunal allowed the appeals despite them having been about a year too late.
Passing On The Family Company – Summer 2014
Auto Enrolment – Summer 2014
Charity Newsletter Spring 2014 Issue 24
The Budget 2014
Tax Rates 2014/15
The above information should not be used to make decisions in isolation without consulting a professional adviser.