BTC - Trading Losses

val0123

Oh the headache that is trading losses !!

When I attempt to answer questions on the topic always, always manage to mess it up somehow !! Am I correct in thinking that if it pops up tomorrow the best thing to do is to go for current year total loss, then previous years to obtain earliest relief, then carry forward to offset future trading profits ?

Also, does anybody know if there are annoying little differences between trading losses for individuals and those of companies & if so why, oh why can't they just all be the same !

When I qualify i'm gonna get a job with hmrc & re-write the lot !!

Primble

val0123 wrote: »

Oh the headache that is trading losses !!

When I attempt to answer questions on the topic always, always manage to mess it up somehow !! Am I correct in thinking that if it pops up tomorrow the best thing to do is to go for current year total loss, then previous years to obtain earliest relief, then carry forward to offset future trading profits ?

Also, does anybody know if there are annoying little differences between trading losses for individuals and those of companies & if so why, oh why can't they just all be the same !

When I qualify i'm gonna get a job with hmrc & re-write the lot !!

thats what i plan to do

val0123

Ta, do you understand the temporary carry back of losses ? Not explained brilliantly in my text book (either that, or it's me !). Is it that losses can be carried back for 3 years, with any amount being relieved for the previous year, but then a maximum of £50,000 all together for the 2 years prior to that ? Beginning to suspect I may have left all this a bit late !!

Lou1234

^^^ yep that is right.

Any amount if offsetting the year before but if you go back another 2 years, you can only use up to £50,000.

Ampsie

When I qualify i'm gonna get a job with hmrc & re-write the lot !![/QUOTE]

I am so with you on that one - we could be the annoying people at hmrc that think up these stupid rules!
Ampsie

val0123

Thanks