Overlap Relief query
claudialowe
Registered Posts: 275 Dedicated contributor 🦉
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
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
0
Comments
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Only two ways to utilise:
1) Cessation (would incorporation be beneficial here?)
2) Change year end closer to 5th April.0 -
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:
Claudia0
