How to carry back partnership losses from 2014 onto 2013

Carrying back a share of loss on a Partnership to a prior year.

1. Open PTP Tax Platform and select the client.

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

3. Select the Fanned Pages icon within the Partnership section on page TR2.

4. Click on the business which made the loss and click View.

5. For both short and full Partnership pages select Page 2.

6. Enter the amount of loss to be carried back to the prior year into box 23 – Loss to be carried back to previous year(s) and set off against income (or capital gains).

7. Click the Cross icon to proceed then click Close on the Partnership screen.

8. Click the Cross icon to close the 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 in box 17 in page TC2 to clarify which tax year the loss is being carried back into.