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| *Loan,banking and credit>>>tax calculation |
Tax calculations...? |
I am preparing a business plan for a manufacturing enterprise. The first 2 years are for development and so will be loss-making. Yr 3 will (hopefully) be profitable. When it comes to paying tax for profits made in y3 can I offset against losses made in Years 1 & 2?? and for how many years can I keep on doing that? What if for instance, the profit in Y3 wasn't more than the previous losses? Thanks for any advice. You can carry forward the losses and offset them against profits of the same trade. There's no limit on the number of years - you just keep on carrying forward until all the losses are used up - but they must be offset against profits arising from the same trade. You need to say what country you're in. I can give you the UK answer but it wouldn't be much good elsewhere. You seem to be in the UK....but we need to know if this is going to be a limited company or trading as a sole trader. Ex HMIT Visit HMRC website There are many Calculators, Leaflets and Forms for viewing and downloading HMRC Admin Assistant www.hmrc.gov.uk |
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