Trading Income - Losses

Question 1

State the date that a claim for TLR must be made:

Answer 1

A claim must be made within 4 years of end of last tax year of trade.

Question 2

What is the pro-forma for unincorporated losses for a sole-trader ?

Answer 2

Question 3

Terminal loss from the last 12 months can be offset against trading profits of how many years ?
State the basis.

Answer 3

3 preceding tax years on a LIFO basis.