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I meant from the previous tax return there is an amount B/F as overlap period profit of approx 18K, as the business ceast to exit year and this is the last tax year from the point of business, i want to know how do deal with this overlap profit B/F
May be my guess is that i dont know whether we can claim overlap period tax relief and reduce the taxable income , but i have only 6K profit current year, then i am left with sort of 12K not claimable. also can we get a refund from previous year's tax paid ?
Thanks , i will wait
Ok, good to know, that mean just to clarify 2 points;
1. B/F overlap profit from a tax return means that you have worked out this overlap period profit and paid tax on it in the past, now we are allowed to deduct against the current year's available profit ( on cessation)
2. as the amount we have is 18K and we have only profit of 6K from that business, but as you think we can set off balance 12K against the individual's other sources of taxable income year , individual he has got a large amount of income from rental properties and another partnership business, so can you deduct againt either one of those sources of income ? if so in SA100 where can we set off this 12K ? it will be good if you could let me know which section of the tax return
Ok, so i can claim in this case 6K ( equal to this year's profit available in box 69 ) and then the balance 12K in the box 78, if i got it right from your suggestion.
Great, that clarifies me, thanks help and good advice, thank you so much Tony.
again. It's been a few days since I answered your question. Is there anything you need further clarification on?