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    Income tax - Trading income - Sole traders - II. Losses - Commencement of trade - Claiming relief - 21450

    Where a loss arises in the first 3 years of a new business (or on the change of an accounting date), the losses in aggregation rule must be applied. This states that where the results of one accounting...

    Sole traders and partnerships - When can a change of accounting date reduce your taxable profit for a year?

    When can a change of accounting date reduce your taxable profit for a year?As a rule of thumb, where your profits are falling or become losses, extending your accounting period will bring the...