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Business Tax: How to Carry back a loss up to 3 years for LTD?

Article ID
business-tax-how-to-carry-back-a-loss-up-to-3-years-for-ltd
Article Name
Business Tax: How to Carry back a loss up to 3 years for LTD?
Created Date
9th August 2021
Product
Problem
IRIS Business Tax: How to carry back a loss up to 3 years for a LTD?
Resolution
  1. Load the client and ensure you are on the year of the loss
  2. Go to Edit in the top left hand corner and Losses
  3. In the current CTAP – enter the amount of losses you want to carry back in ‘Less Loss Carried Back’
  4. In the previous CTAP enter the amount in the ‘Brought Back’ filed • Click Apply and then OK
  5. Data Entry | Summary – in the top middle of the window – under Repayment claim – tick box ‘For earlier period’ (this will put a X in box 45 of the return)
  6. Finally go to Edit | Notes – in this window – enter the supporting narrative, for example; “X amount of losses was made in this period, X amount of losses is being carried back to previous X period, and that there is a repayment claim due”

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