I'd be grateful for advice on the following:
- Is income taxable in the year earned or received? eg I do a job in March 2005 but get paid in May 2005, is the profit taxed in 2004/5 or
- Can losses from one year be carried into following years for tax, and if so is there a limit how far may they be carried forward? eg I make a loss in 2004/5, but a profit in 2005/6, can the earlier loss be deducted from the profit?
- Can insurance premium payments, eg life or critical illness insurance, be deducted for tax purposes?