My writer delivered an awesome dissertation on the Creek War, I definitely didn’t have the time to do all the research she did on my own.
Essay (any type)
09/08/2022
You are a trainee chartered certified accountant and your manager has asked for your help…
You are a trainee chartered certified accountant and your manager has asked for your help regarding a taxpayer who has made trading losses. Sean has been in self-employment since 2007, but ceased trading on 31 December 2017. He has always prepared accounts to 31 December. His results for the final five years of trading were as follows: £ Year to 31 December 2013 – Trading profit 21,300 Year to 31 December 2014 – Trading profit 14,400 Year to 31 December 2015 – Trading profit 18,900 Year to 31 December 2016 – Trading profit 3,700 Year to 31 December 2017 – Trading loss (23,100) For each of the tax years 2013 -14 to 2017-18, Sean has property business profits of £12,500. Sean has unused overlap profits brought forward of £3,600. Required: Identify the loss relief claims that are available to Sean and exp lain which of the available claims would be the most beneficial. You should clearly state the amount of any reliefs claimed and the rates of income tax saved. However, you are not expected to calculate any income tax liabilities. Assume for the sake of sim plicity that income tax rates, bands and allowances for all years are the same as in 2017-18. (ACCA)
