How does Iris deal with deferred tax losses

Article ID

ias-10023

Article Name

How does Iris deal with deferred tax losses

Created Date

10th August 2011

Product

IRIS Business Tax

Problem

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.