Business Tax- How BT deals with deferred tax losses
Article ID
ias-10023
Article Name
Business Tax- How BT deals with deferred tax losses
Created Date
10th August 2011
Product
IRIS Business Tax
Problem
IRIS BT- Clients are unsure at how IRIS deals with deferred tax losses.
Resolution
Utilisation of tax losses. IRIS multiplies the total losses utilised in the period by the tax rate shown on the corporation tax computation to calculate this figure.
The total utilised losses include all current year losses, and brought forward losses from previous years that have been utilised in the current year. The losses that have been utilised can be seen on the bottom of the corporation tax computation. There is not an area within deferred tax to show brought forward loss and carried forward loss.
If this is another query about deferred tax- then go to: https://help.iris.co.uk/IRIS/ODL/MainHowTo.htm and on top left search for ‘Deferred tax’
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