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Where Taxpayers and Advisers Meet

Terminal Loss Relief

vorabj
Posts:76
Joined:Wed Aug 06, 2008 3:58 pm
Terminal Loss Relief

Postby vorabj » Thu Mar 23, 2017 4:31 pm

I have prepared a draft final set of accounts before the company is put into a members voluntary liquidation

1, Previous accounting period: yr to 31.3.16
Profit £105,306 - CT paid £21,061.20.

2 Final Accounts:
Draft Accounting period: 1.4.16 to 23.3.17
Trading period 1.4.16 to 31.12.16 (ceased trading 31.12.16 after issuing last sales invoice)
Loss in the trading period £27,231
Capital Gain in the period since trading 1.1.17 to 23.3.17 on sale of trade marks £4818 after indexation allowance.

Help - how do I deal with this Gain in order to calculate Terminal Loss Relief to carry back
Thanks in advance

vorabj
Posts:76
Joined:Wed Aug 06, 2008 3:58 pm

Re: Terminal Loss Relief

Postby vorabj » Thu Mar 30, 2017 10:29 am

Ok no replies as yet. Let me put the question another way -

I have final accounts drawn up for the period 1.4.16 to 23.3.17
Trading ceased 31.12.16.
Therefore for CT purpose I have 2 accounting periods 1.4.16 to 31.12.16 and 1.1.17 to 23.3.17.

Q. How do I split the income and expenditure in these final accounts?


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