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To access this screen select Data entry, Calculation, Income or Deductions and reliefs and click the Trading losses button.
Losses brought forward are automatically utilised against trading profits for the period. If there is a trading loss in the period and the company has other profits then the trading loss will automatically be utilised against them unless the No S393A(1)(a) ICTA 1988 Claim box is ticked.
When you first use a client in Business Tax you must enter the loss brought forward (including unrelieved trade charges) in this field. In future years, Business Tax completes this field when you run Bring forward. Business Tax sets the loss brought forward against the Trade profit. Any un-utilised is carried forward.
Where you are bringing back a trading loss made in a future period and utilising it in the current period enter the amount of the loss allowable for set off in this field.
The loss carried forward is calculated automatically and cannot be overwritten. The program adjusts this field for any other changes you make. For example, if the amount entered in the C/back field is altered then the amount in the C/fwd field is adjusted.
Where you are carrying back a loss made in the current period to previous years enter the carry back amount in this field.
Select Data Entry | Groups and Consortium (CT600C) and complete the Surrender as Group Relief tab. Business Tax checks to ensure the amount is valid. The amount entered in the Trading Losses field of the Allocation table will be copied to this field.
Under certain circumstances trading losses brought forward may be set against interest income in the period. The amount entered here is entered in box 19 on the detailed calculation. This field is only available if the detailed calculation has been selected.
This field shows the trading loss for the period.
Tick this box to prevent IRIS utilising any current period trading losses against total profits of the period. The losses will be carried forward to be utilised against any future trading profits.
If this box is not ticked and there is a trading loss for the period Business Tax automatically utilises the loss against total profits under S393A(1)(a) ICTA1988.