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How to carry back a loss to a previous year without sending an amended return

Article ID
ias-12100
Article Name
How to carry back a loss to a previous year without sending an amended return
Created Date
13th October 2015
Product
IRIS Personal Tax
Problem
The client has a loss from their business in 2016, how can this loss be carried back to the 2015 tax year without sending an amended return.
Resolution
Users are required to: Note that these steps outline the process involved if the 2015 Tax Return is NOT to be resubmitted and the claim is being dealt with within the 2016 Tax Return. 1. Log on to IRIS Personal Tax and select the client 2. Click Trade, Profession and Vocation folder then select Sole trade or Partnership 3. Edit the account period that gave rise to the loss (the 2016 accounting period) 4. For sole trade Click onto Adjustment Losses and overlap tab and for partnership trading income tab; enter the loss to carry back to previous year i.e. 2015 then click OK. 5. Click the Relief’s tab, select Miscellaneous, Tax Calculation then Tax Code and Underpaid, Overpaid, Repaid Tax 6. Calculate the tax saving the client would make by carrying back the loss and enter this amount into Tax underpaid (+ve)/ overpaid (-ve) from earlier years then click OK. 7.Click Additional Information, select Tax Calculation (SA110) enter a note stating that the client has a loss of X amount which occurred in 2016 and it is being carried back to the 2015 tax year, and then click OK. If you wish to send in an amended return for the previous year then please see KB IAS-10099

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