Acca F6 question
Nps
Registered Posts: 773
Hello,
I'm hoping someone can shed some light on a F6 ACCA query as I'm a little confused....
With regards to trading losses, my BPP text clearly states that any losses must be set against general income in the current period BEFORE being carried back against the previous years general income.
However, when completing questions from the BPP question book, I've now had at least 2 questions, which have not used the loss in the current period as it wastes the personal allowance, but then carries the loss back to the previous year. Their own text states that this is not allowed.
Am I missing something???
I'd be really grateful if someone could clarify if losses can be used in the previous period, even if not used against current period income.
Thanks to anyone who can help.
I'm hoping someone can shed some light on a F6 ACCA query as I'm a little confused....
With regards to trading losses, my BPP text clearly states that any losses must be set against general income in the current period BEFORE being carried back against the previous years general income.
However, when completing questions from the BPP question book, I've now had at least 2 questions, which have not used the loss in the current period as it wastes the personal allowance, but then carries the loss back to the previous year. Their own text states that this is not allowed.
Am I missing something???
I'd be really grateful if someone could clarify if losses can be used in the previous period, even if not used against current period income.
Thanks to anyone who can help.
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Comments
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The question book is correct. You can take the losses back to the previous period without setting it against the current year.0
