Absolute’s Taxpert Trading Loss Analyser will allow the user to quickly and accurately identify and review tax loss strategies.
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Working out how best to use trading losses against other taxable income was challenging enough even before the March 2021 Budget temporary extension that allows trading losses of 2020-21 and 2021-22 to be set against trading profits of the previous three tax years. Now the number of loss claim combinations is simply mind-boggling. The Taxpert Trading Loss Analyser (TTLA) is the only software available that enables you quickly and accurately to identify and review all of the various tax loss strategies.
Users simply enter the trading profit or loss and the other taxable income amounts for the tax years 2017-18 through 2021-22 and at the click of a button you will see the resultant income tax and class 4 nic liabilities for each of those tax years.
You can also enter anticipated rates at which any carried forward losses might be relieved for tax and class 4 so that your advice can factor in the possible benefit of carrying forward rather than making immediate claims.
The functionality and power of TTLA include:
The TTLA does not reflect the impact of loss claims on the high income child benefit charge; pension contribution relief; or gift aid relief. For these you need to combine the TTLA with our best-selling Taxpert Tax Calculator.
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