Personal Tax- Carried forward Transitional Profits from 2024 are missing in 2025?

personal-tax-carried-forward-transitional-profits-from-2024-are-missing-in-2025

Personal Tax- Carried forward Transitional Profits from 2024 are missing in 2025?

10th April 2025

IRIS Personal Tax- Carried forward Transitional Profits/Losses from 2024 are missing in 2025?

This is a DEFECT in IRIS version 25.1.0 affecting the 2025 tax year. For Carried forward profits missing. You have a client with Transitional Profits carried forward from the 2024 year into 2025 (So it can be taxed over 5 years). When you load 2025, Edit, Bring forward Data, and complete the process. Open the trade period, at the bottom click ‘Transitional profits’ and the expected carried/brought forward Transitional Profit box is showing as £0.00.

This is fixed in IRIS version 25.1.3.33 MAY 2025 and if the carry forward is still missing in 2025 then it just needs a refresh of data.

1. Go back to 2024, (open the relevant period trade, at the bottom click Transitional profits taxable magnifying glass and check the carried forward value is there. If its not shown as carry forward: then a manual claim was made for accelerated tax back in 2024).
2. You must run a Trade computation in 2024
3. Change to 2025 year and now use the Edit/ Bring forward data again and the carried forward values will show.

Workaround if the carry forward value is still missing:

a) Go back to 2024, open the relevant trade period, go to the very bottom and find the ‘Transitional period taxable’ and on right side – click the Magnifying glass

Now note the ‘Transition Profit carried forward’ value

b) Change to 2025 year, open the relevant period trade, at the bottom click Transitional profits magnifying glass and manually type in the value under the Transition profit b/fwd box and OK, it will now apply the now apportioned profit under the Tax Comp etc.