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It may be possible to obtain relief for expenses paid after a business has ceased trading provided that those expenses were closely related to the business. The payment must be made within seven years of cessation.
A claim may also be made for bad debts where the debt was originally taken into account as part of the businesses profit before it ceased. The debt must go bad within seven years of cessation!
Type - click the magnifying glass to select from the following options:
Type Description
0 Unspecified
1 Remedying defective work
2 Damages for defective work
3 Legal or professional fees
4 Insurance against defective work
5 Recovering debts taken into account before business ceased
6 Bad debts
7 Debts released under a formal voluntary agreement
Type 4 is carried forward to the following tax year.
Description - IRIS will complete this field automatically, a manual entry can also be made.
Date paid - this may be left blank, if completed ensure the date is within the current tax year.
Amount - enter the amount being claimed, including any amount set against capital gains.
Unpaid expense - enter any unpaid expenses included as a deduction from the trading profits prior to cessation which remain unpaid at the end of the fiscal year, these will be deducted from any claim made in this section.
Relief claimed against capital gains - enter any amount claimed against capital gains.
