Losses.

Trade losses can be used in a number of ways: • by reducing your income for the year ended 5 April 2014 and if your income is nil or less than the loss by reducing your capital gains for the year ended 5 April 2014 • by claiming for relief to be calculated by reference to your income for the year ended 5 April 2013 and if your income is nil or less than the loss by reducing your capital gains for the year ended 5 April 2013 • by claiming for relief to be calculated by reference to your income for earlier years • by claiming for relief to be calculated by reference to profit of the same trade in earlier years • by carry forward against future profits of the same trade or income from the company (where you transfer your trade to a company in exchange for shares in that company), or post-cessation receipts.