How to carry back losses to a previous year

Overview

If there is a trading loss on a later period this can be carried back to be offset against the profit on a previous period. More information may be found on the HMRC website here.

Entries on the Return

On the period with the loss it is important to record that the losses are being carried back to prevent the losses from being carried forward to the next period.

1. Click on the fanned pages icon next to question 1604 on page 2 of the return.

2. Update category f. Relieved against PY profits with the amount to be carried back and press the tab key. This will reduce the figure to be carried forward as appropriate.

On page 1 of the return tick box 45 indicating there is a claim or relief affecting an earlier period and, when filing online, provide a pdf attachment with the details of the claim.