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How to carry back trading losses

Article ID
ias-12078
Article Name
How to carry back trading losses
Created Date
13th October 2015
Product
IRIS Business Tax
Problem
How can trading / DI losses be carried back?
Resolution
• Go to Business Tax • Go to Edit in the top left hand corner • Go to Losses • In the current CTAP – enter the amount of losses you want to carry back in ‘Less Loss Carried Back’ • In the previous CTAP enter the amount in the ‘Brought Back’ filed • Click Apply and then OK • Then go to 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 • 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 period, and that there is a repayment claim due”

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