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Tax relief on lost income due to agency liquidation?
Comments
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Only shareholders receive dividends0
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TheCyclingProgrammer wrote: »Only shareholders receive dividends
I think that he means a 'dividend' as a creditor from the 'pot' of the wound up company - 3p in the pound, 6p in the pound etc.
Must admit, I was confused too!!There are 10 types of people in the world - those who understand binary and those who do not. :doh:0 -
purdyoaten wrote: »I think that he means a 'dividend' as a creditor from the 'pot' of the wound up company - 3p in the pound, 6p in the pound etc.
Must admit, I was confused too!!
Yes apologies, that is exactly what I meant.
I have finally got through to the HMRC helpline who confirmed that the lost income is a bad debt and should be claimed on the tax return as income and expense so it will cancel each other out - so no tax relief or similar.
Thanks for everyone's input!0 -
Strictly speaking you are getting the tax relief on the debt, it's cancelling out the tax on the income you earned but we're not paid for.
Glad you got it sorted.0
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