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How to set a share of partnership loss against other income arising in the year

Article ID
ias-12039
Article Name
How to set a share of partnership loss against other income arising in the year
Created Date
13th October 2015
Product
IRIS Personal Tax
Problem
The client is a partner in a business which has made a loss, how can the clients share of 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 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. Complete the Loss offset against other income section then click OK to save. The loss will now show as a deduction on the Tax Computation report.

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