Overlap Relief query

claudialowe

Year end of 31 May and overlap relief profits of c £27K.

Is there any way of utilising any of them?

My books seem to say that you cannot have a new 1st AP of more than 18 months, which would rule out utilising all the overlap relief.

If you have then a 10 month period the calculation seems to be really complicated, and although I haven't worked out the figures yet, might not be very beneficial.

Any ideas?

Claudia

deanshepherd

Only two ways to utilise:

1) Cessation (would incorporation be beneficial here?)
2) Change year end closer to 5th April.

claudialowe

Thanks Dean

Incorporation not an issue - 60 something year old and penniless!

Have now re-read my books again and could perhaps go for an 18 month AP which would relieve some of them if my calcs are correct :confused1:

Claudia