Dec 7, 2021 08:40
2 yrs ago
13 viewers *
English term
overlap relief
English to Polish
Law/Patents
Law: Taxation & Customs
Taxes
"Overlap relief used this year" także "Overlap profit carried forward" Dwa punkty w dokumencie HM Revenue & Customs o nazwie: Partnership (short) Tax year 6 April 2020.... (oczywiście the UK) Z góry dziękuje za pomoc!
Proposed translations
2 days 2 hrs
Selected
ulga z tytułu zmiany dat okresu obrachunkowego lub zakończenia działalności
ulga z tytułu zmiany dat okresu obrachunkowego lub zakończenia działalności
Wersja opisowa
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Overlap relief can be used to reduce the profits on your final tax return when the business ceases trading or if the accounting period changes. Overlap relief is a mandatory deduction. The full amount of the relief available for a particular tax year must be given as a deduction for that tax year.
https://www.burton-sweet.co.uk/what-is-overlap-relief/
Overlap Relief is a credit that is carried forward until either the business ceases or it changes its accounting date.
https://www.ensors.co.uk/blog/how-changing-your-accounting-d...
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Note added at 2 days 3 hrs (2021-12-09 11:42:59 GMT)
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MANY SOLE traders and business partners have a special tax relief just lying in wait ready to be used when the moment is right. It’s called ‘overlap relief’.
Almost everyone with an accounting date other than 31st March or 5th April will have an entitlement to overlap relief and can ‘cash it in’ any time they choose.
Why Hasn’t Everyone 'Cashed In' TheirOverlap Relief Already?
There are two ways to gain access to your overlap relief: cease trading or change your accounting date.
Ceasing to trade is a drastic step: generally not something you are likely to do purely for tax planning purposes. However, it is worth noting that transferring your business to a company is also classed as ‘ceasing to trade’ for these purposes.
Changing your accounting date to access your overlap relief is less drastic, but the downside is that the relief only arises where you are being taxed on more than twelve months’ worth of profit. Despite this, however, there is still generally an overall saving to be made where current profits are at a lower level than the profits arising when the ‘overlap’ first arose. So, with the economy in the state it’s in, now could be a good time to ‘cash in’!
https://www.taxcafe.co.uk/resources/overlaprelief.html
Wersja opisowa
---
Overlap relief can be used to reduce the profits on your final tax return when the business ceases trading or if the accounting period changes. Overlap relief is a mandatory deduction. The full amount of the relief available for a particular tax year must be given as a deduction for that tax year.
https://www.burton-sweet.co.uk/what-is-overlap-relief/
Overlap Relief is a credit that is carried forward until either the business ceases or it changes its accounting date.
https://www.ensors.co.uk/blog/how-changing-your-accounting-d...
--------------------------------------------------
Note added at 2 days 3 hrs (2021-12-09 11:42:59 GMT)
--------------------------------------------------
MANY SOLE traders and business partners have a special tax relief just lying in wait ready to be used when the moment is right. It’s called ‘overlap relief’.
Almost everyone with an accounting date other than 31st March or 5th April will have an entitlement to overlap relief and can ‘cash it in’ any time they choose.
Why Hasn’t Everyone 'Cashed In' TheirOverlap Relief Already?
There are two ways to gain access to your overlap relief: cease trading or change your accounting date.
Ceasing to trade is a drastic step: generally not something you are likely to do purely for tax planning purposes. However, it is worth noting that transferring your business to a company is also classed as ‘ceasing to trade’ for these purposes.
Changing your accounting date to access your overlap relief is less drastic, but the downside is that the relief only arises where you are being taxed on more than twelve months’ worth of profit. Despite this, however, there is still generally an overall saving to be made where current profits are at a lower level than the profits arising when the ‘overlap’ first arose. So, with the economy in the state it’s in, now could be a good time to ‘cash in’!
https://www.taxcafe.co.uk/resources/overlaprelief.html
4 KudoZ points awarded for this answer.
Comment: "Dziękuję za pomoc!"
7 hrs
Frank Szmulowicz, Ph. D.
United States
United States
Native in English
&
Polish
United States
On time, on target, on budget.
Native in: English 
, Polish
Works in: Polish to English, English to Polish, Russian to Polish, and 1 more.
Related KudoZ points
:
112
ulga z tytułu nakładania się okresów padatkowych
Propozycja.
Reference comments
1 hr
Reference:
Overlap profits / Overlap Relief used this year
21. Overlap profits
You may find that your basis period for 2019 to 2020 overlaps with the basis period for 2018 to 2019. Overlaps can happen in the first 3 years of the business or in a year in which there is a change of basis period because of a change of accounting date.
[cut]
If you claim the trading income allowance in calculating the profits for either or both of the overlapping basis periods, the overlap profit is calculated after deducting the allowance.
If your basis periods overlap, keep a record of the overlap period and the overlap profit. Add in any overlap period and profit that you have carried forward and not yet claimed as Overlap Relief.
22. Overlap Relief used this year
22.1 Box 69 on the ‘Self-employment (full)’ pages (or box 13 of the ‘Partnership’ pages)
You must take off (as Overlap Relief) overlap profits which arose in earlier years when working out your taxable business profits for 2019 to 2020 if
you sold or closed down your business in 2019 to 2020. Put all overlap profits brought forward in box 69 on page SEF 4 of your ‘Self-employment (full)’ pages (or box 13 if you’re filling in the ‘Partnership’ pages)
your basis period for 2019 to 2020 is more than 12 months long because you changed your accounting date
- ttps://www.gov.uk/government/publications/how-to-calculate-your-ta...
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Ulgi podatkowe dla samozatrudnionych
Istnieje wiele różnych ulg, dzięki którym osoby prowadzące działalność na własny rachunek mogą uzyskać obniżenie podatku. Obejmują one:
[cut]
Straty z działalności handlowej można wykorzystać do redukcji kwoty podatku z innych rodzajów działalności gospodarczej.
Możesz skorzystać z tzw. ’’overlap relief’’ – jeśli zmienisz datę księgową lub zaprzestaniesz prowadzenia działalności.
- https://biuropodatkowe.co.uk/oferta/uslugi/doradztwo-podatko...
You may find that your basis period for 2019 to 2020 overlaps with the basis period for 2018 to 2019. Overlaps can happen in the first 3 years of the business or in a year in which there is a change of basis period because of a change of accounting date.
[cut]
If you claim the trading income allowance in calculating the profits for either or both of the overlapping basis periods, the overlap profit is calculated after deducting the allowance.
If your basis periods overlap, keep a record of the overlap period and the overlap profit. Add in any overlap period and profit that you have carried forward and not yet claimed as Overlap Relief.
22. Overlap Relief used this year
22.1 Box 69 on the ‘Self-employment (full)’ pages (or box 13 of the ‘Partnership’ pages)
You must take off (as Overlap Relief) overlap profits which arose in earlier years when working out your taxable business profits for 2019 to 2020 if
you sold or closed down your business in 2019 to 2020. Put all overlap profits brought forward in box 69 on page SEF 4 of your ‘Self-employment (full)’ pages (or box 13 if you’re filling in the ‘Partnership’ pages)
your basis period for 2019 to 2020 is more than 12 months long because you changed your accounting date
- ttps://www.gov.uk/government/publications/how-to-calculate-your-ta...
---
Ulgi podatkowe dla samozatrudnionych
Istnieje wiele różnych ulg, dzięki którym osoby prowadzące działalność na własny rachunek mogą uzyskać obniżenie podatku. Obejmują one:
[cut]
Straty z działalności handlowej można wykorzystać do redukcji kwoty podatku z innych rodzajów działalności gospodarczej.
Możesz skorzystać z tzw. ’’overlap relief’’ – jeśli zmienisz datę księgową lub zaprzestaniesz prowadzenia działalności.
- https://biuropodatkowe.co.uk/oferta/uslugi/doradztwo-podatko...
Peer comments on this reference comment:
| agree |
Frank Szmulowicz, Ph. D.
6 hrs
|
| agree |
mike23
2 days 1 hr
|
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