Personal Tax- Carried forward Transitional Profits/Losses from 2024 are missing in 2025?
Article ID
personal-tax-carried-forward-transitional-profits-from-2024-are-missing-in-2025
Article Name
Personal Tax- Carried forward Transitional Profits/Losses from 2024 are missing in 2025?
Created Date
10th April 2025
Product
Problem
IRIS Personal Tax- Carried forward Transitional Profits/Losses from 2024 are missing in 2025?
Resolution
This is an intermittent DEFECT in IRIS version 25.1.0 affecting the 2025 tax year. For Carried forward profits missing AND for Brought forward losses missing: we are planning to release a fix in the week commencing 12th MAY 2025 Service Pack release (subject to change).
You have a client with Transitional Profits carried forward from the 2024 year into 2025 (So it can be taxed over a period of years). When you load 2025, Edit, Bring forward Data, and complete the process. Open the trade period, at the bottom click ‘Transitional profits’, this new screen (see below) will appear and the expected carried/brought forward Transitional Profit box is £0.00.
Workaround: Go back to 2024, note the carried forward Transitional Profit value. Change to 2025 year and manually type in the value under the Transition profit b/fwd box and OK, it will now apply the profit under the Tax Comp etc.
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