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How to set a loss from self employment against other income arising in the year

Article ID
ias-12038
Article Name
How to set a loss from self employment against other income arising in the year
Created Date
13th October 2015
Product
IRIS Personal Tax
Problem
The clients has made a loss from self employment, how can this loss be set against the other income arising in the year?
Resolution
Users are required to: 1. Log on to IRIS Personal Tax and select the client. 2. Run a Trade Computation to ascertain the amount of loss that can be offset 3. Click Trade Profession or Vocation then click on Sole Trade or Partnership. 4. The right side of the screen is split into two with a list of account dates displayed in the bottom half of the screen, double click on the account date for the current year. 5. Click the Adjustments, Losses, Overlap and Tax tab 6. Complete the Offset against other income section then click OK to save.

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