From time to time businesses suffer losses, from trading to the disposal of property and other capital assets. The exact mechanics of loss relief vary, depending the type of loss that has been made, but could involve carrying back, to offset against other income, to carry forward to use against the same source income, or, in the case of groups, to set against profits made by other group companies.
Multiple loss relief claims are possible and so it is crucial that clients are aware of all of the loss relief options available to them. Whether you are dealing with:
- income tax losses
- pre trading or post cessation expenses
- partnership loss restrictions
- property losses
- employment tax losses; or
- company tax losses (single companies or groups and consortia)