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Losses Brought Forward

Article ID
ias-12369
Article Name
Losses Brought Forward
Created Date
28th December 2016
Product
IRIS Personal Tax
Problem
Clients are advising that if there are brought forward losses for a Partnership, Sole Trade or Property the profit is showing on the computation and therefore the losses are not being utilised.
Resolution
The Computation this year has been changed due to a request by the HMRC. Therefore the profit will show at the top of the computation. Underneath you will see Deductions followed by Income Tax Relief. The Income Tax Relief figure will be the losses brought forwards and therefore the profit for either the Partnership, Sole Trade or Property will be offset by the Income Tax Relief.

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