Is your unincorporated business adversely affected by the credit crunch?
There appears to be no getting away from the news regarding the current credit crises. If you feel that this has started to adversely affect your business profits then we may be able to help.
The taxation rules under which your business profits are taxed may have entitled you to overlap relief. This relief is normally claimed when you cease in business. However, relief can be brought forward by changing your accounting period. In times of reduced profits the relief can be a valuable tool to reduce your tax bill.
This will not always be beneficial, for example if your current profit levels are higher than when your overlap arose. The sums must be done to ensure that an advantage, and not a disadvantage, is obtained.
Comment on this blog in the space provided below, or visit my profile for details of how to contact me.
Cathy Corns is a Corporate Tax partner at Mercer & Hole.
Date: 12th May, 2009
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