If you own a company are you aware of the new relaxation on loss relief rules. From April 2017 losses occurred from that date no longer need to be ring-fenced and set against profits from the same trade. Losses can now be utilitsed across trades allowing you to reduce your company’s taxable profits. If you’re unsure if this applies to your company the best action to take is to ensure you record all your losses separately and distinguish between Pre April 2017 losses and post April 2017 losses. At the end of your accounting period, talk to your tax adviser/accountant about the best way to maximise the reliefs given by this new relaxation of the rules.
Read the full rules here