How to carry back self employment losses

Carrying back a self employment loss to a prior year.

1. Open PTP Tax Platform and select the client.

2. Select the Client Tax Returns tab, highlight the current  tax year and select View Tax Return.

3. Select the Fanned Pages icon for the Self Employment supplementary page.

4. Click on the name of the business which made the loss, then click View.

5. For short Self Employment pages select page 2, for full self-employment pages select page 4.

6. Enter the amount of loss to be carried back to the prior year into box 34 for short Self-Employment pages or box 79 for full Self-Employment pages, Loss to be carried back to previous year(s) and set-off against income (or capital gains).

7. Click the Cross icon within the top-right corner to proceed. Click Close on the Self Employment screen.

8. Click the Cross to close the Tax Return.

9. Click Calculation then enter the amount of tax the client can reclaim as a result of the carry back within the Tax overpaid for earlier years box.

10. Run the calculation, this will populate box 15 on page TC2.

11. Enter an explanatory note within box 17 in page TC2 to clarify which tax year the loss is being carried back into.