Recent content by Steve2004

You can offset the loss against this year's other income, carry it back to the previous year against related gains or carry the loss forward against future related gains. The rules will also change depending on whether you are treated as trading or investing. I would suggest asking a...

Your accountant should be there to advise you, not tell you what to do. If you are happy with recording the loss as you have calculated it then you should request they include that loss on the return. The return is signed by you and they are not responsible should the Revenue enquire into it.

I would recommend you ask a professional to deal with the return for you where trading losses are concerned, particularly as there are options as to how to deal with it (carry back, carry forward, offeset etc.). Recording the loss will be different depending on which option suits you better.

That is correct, all of your losses will reduce your profits over the year and therefore you will pay tax on the difference. If more losses are made than gains then this loss can be carried back or forward (subject to certain criteria) to other years.

I work closely with an accountancy practice that specialises in traders. They have designed a business structure that works very well with many pro traders. Their website is: Accountants for Traders from A4G - Home In terms of records that you would need, monthly or annual trading statements...

The answer depends on the level of income you earn from trading and from your other sources. Trading through a limited company is more tax efficient up to a certain level but, as previously mentioned, you will pay tax on dividends taken from the company. There is also the option of trading...

If you are trading in order to make a profit rather than investing for the longer term then the income is treated as self employment income for tax purposes. Any losses can be offset against profits made in the previous year, or offset against income from employment. Any unrelieved losses would...