Remembering the rules for how to relieve losses can be tricky especially because the rules for individuals and companies are different. Things are made harder by the fact that the loss relief rules for companies have changed over recent years.
Setting up a new business can be risky. It may involve a lot of up-front expenditure such as legal and accounting advice as well as capital investment to buy the items of plant and machinery to be used in the trade. It may take time to attract customers and for the staff to work out the most efficient ways of working. Consequently a new business may make trading losses in its early years.
Experienced businesses may suffer trade losses too. This may happen if they lose an experienced member of staff if there is an economic downturn or if advances in...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.