Are you lost over loss reliefs?

    Katherine Ford, our Tax Advisory Manager, has written a new book in association with Claritax Books.
     
    ‘Tax Losses’ is written for accountants (both in-house and in practice), tax advisers, employers, lawyers and other professionals and is an authoritative, practical guide to the options and deadlines for claiming loss relief with useful reference to relevant legislation and HMRC guidance. Including plenty of worked examples, it covers:

    • Income tax trading losses
    • Partnership losses
    • Relief for pre-trading and post cessation expenses
    • Capital losses for individuals, personal representatives and trustees
    • Property business losses
    • Corporation tax losses
    • Reliefs for groups and consortia

     

    Published in July 2017, the book is available to buy here.
     
    Katherine said, “A number of years ago, I wrote an article on how sole traders can relieve their losses, which featured in the Abbey Tax client newsletter. We were also able to get it published in the CIOT’s Tax Adviser Magazine. Claritax, the publisher, came across this article and approached me to ask whether I’d be interested in developing it into a book. Who knew that it would lead to this? I hope that advisers will find it valuable.”
     
    Katherine previously worked for Deloitte in the private client tax department, where she had great exposure to a variety of clients including a number of large professional partnerships. She joined Abbey Tax in 2007, working on the telephone tax advice team, and has since dealt with over 22,000 calls from accountants, tax advisers and business owners covering all areas of UK direct taxes and stamp duties. She also provides training at client seminars and to colleagues.

    Are you claiming all of the loss reliefs that you can for your clients?

    Your clients will expect you to advise them of all of the relevant loss reliefs’ claims that are available to them.
     
    Most losses have to be quantified (i.e. notified to HMRC) first and then loss relief has to be claimed separately, and there are a variety of deadlines which must be met. Often, claims can be made under more than one provision and in the order of your choosing as best benefits the client. If you’re unsure what your options are, our tax advice team is experienced in advising on all loss reliefs and is available from Monday to Friday from 9am to 5.30pm.