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How to carry back a trading loss

Article ID
ias-12098
Article Name
How to carry back a trading loss
Created Date
13th October 2015
Product
IRIS Personal Tax
Problem
The clients business has made a loss within the tax year, how to can this be carried back?
Resolution
Users are required to: 1. Log on to IRIS Personal Tax and select this client and select the current tax year. 2. Click Trade, Profession or Vocation | Sole Trade or Partnership 3. Select the current accounting period and click Edit 4. For Partnerships, enter the loss into Loss to carry back field within the Trading Income tab. For Sole Trades, go to the Adjustments, losses, overlap and tax tab and enter the loss here into the Carry Back field. Then click OK. 5. Go to the Reliefs | Miscellaneous | Tax Calculation folder | Tax Code, underpaid/Overpaid window. Calculate the Tax underpaid or overpaid and enter here, then click OK. 6. Click Additional Information then select Tax Calculation (SA110) enter a note stating that the client has a loss of X amount which is being carried back to the prior tax year, and then click OK.

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