Key concepts

Question 1

What are the instalment payments and dates for a short accounting period

Answer 1

3 X CT/Months in AP

14th of month 7, 3 month intervals after

BP: 14th of fourth month after AP

Question 2

What are loss relief options for sole trader

Answer 2

S83 Carry trading loss forward against first available trading profit

S64 Relieve trading loss against net income of CY and PY
- Can relieve non trade income restricted to higher of: 50k and 25% x total income

S261B Offset loss against Net income of PY and chargable gains

Question 3

BADR

Answer 3

• Owned for 2 or more years
• Whole or part of business
• shares in trading company and must be employee have over 5%

Question 4

Investors relief

Answer 4

-Cannot have worked for company
- Unquoted trading co
- Held for 3 or more years

Question 5

Gift relief

Answer 5

What qualifies:

• Chargeable assets used in business
• Shares in trading co (5% needed if quoted)