The Tax-Effective Use Of Unincorporated Business Losses

Introduction

Presented by expert speaker Robert Jamieson, this virtual classroom seminar examines the rules relating to trading losses made by unincorporated businesses.

The FA 2022 change from a current year basis to a tax year basis, which took effect on 6 April 2024, has meant that the loss relief regime has become more complicated, especially for businesses which have not adopted a 31 March/5 April accounting date.

Other important modifications to the legislation for losses are highlighted (for example, the expansion of the cash basis in FA 2024).

The impact of the cap on unlimited income tax reliefs is explored in detail.

The session is suitable for practitioners with unincorporated clients who have incurred trading losses.

What You Will Learn

This live and interactive session will cover the following:

• Review of the options
• Losses for established businesses
• Trading losses and incorporation
• Relief for capital gains
• Restrictions on sideways loss relief
• The FA 2021 extension
• Impact of cap on unlimited income tax reliefs
• Terminal losses
• A surprising twist in basis period reform
• Losses and the expansion of the cash basis
• Loss relief in opening years
• Pre-trading expenditure
• Meaning of ‘same trade’
• Relief for losses on unquoted shares in trading companies

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.