4 Aug

Starting a business – what profits are taxed?

  • admin | News

An unincorporated business pays tax on what is known as the `current year basis’. This means that, as a general rule, the profits for a tax year are taxed by reference to the profits for the 12 months to the accounting date that ends in that tax year.

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20 Jul

Corporation tax and trading losses

  • admin | News, Resources

Relief may be available where you operate your business through a company and you make a loss. The loss may be set against total profits of the current or previous accounting periods or may be carried forward and set against future trading income from the same trade.

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