Trading profits

Field Description
Date basis period began Start of the basis period.
Date basis period ended End of the basis period.
Share of profit/(loss) The partner’s share of profit or loss from box 11 or 12 of the partnership statement. If a loss, enter a negative amount.
Basis period adjustment

Any profit adjustment required to determine profits for the basis period.

If you have an extended period where transition profits are being included, do the following:

  1. Manually calculate the apportioned transition part of the basis period from your net business profit/(loss) — this is the value that you are entering in profit/(loss) of the transition part of the basis period.
  2. Enter here the exact value from the profit/(loss) of the transition part of the basis period but where negative, enter as positive, and if positive, enter as negative.
Self-Employment Income Support Scheme grant

Applicable for 2020/21 tax year on.

The amount of Self-Employment Income Support Scheme (SEISS) grant payments received during the year.

This information is not included in the SA800 partnership to SA100 link as these grant payments are not included in the partnership tax return.
Accounting adjustment Any accounting adjustment specified in box 11A of the partnership statement.
Averaging adjustment

Any adjustment for averaging. Select Calc to help with this calculation.

This figure can be positive or negative.

For farmers and market gardeners, refer to the HMRC helpsheet 224.

For creators or literary or artistic works, refer to the HMRC helpsheet 234.
Foreign tax claimed by deduction

Any foreign tax suffered for which Foreign Tax Credit Relief is not being claimed.

To claim foreign tax credit relief, add the Foreign Tax Paid On Other Income section.
Trading losses brought forward Any prior year trading losses for this partnership that have not yet been used against profits.
Overlap profits brought forward Any overlap profits for this partnership that are being brought forward from prior years.
Overlap profits arising this year Any overlap profits that have arisen this year as a result of the basis period calculation.
Overlap relief used this year The amount of any overlap relief that is being used this year to reduce profits.
Adjusted profit

Displays the adjusted profit before any brought forward losses have been used.

For the tax year 2024, HMRC has introduced the Basis Period reform where individuals may be subject to transition profits — refer to the HMRC basis period reform. To help calculate your transition profits, refer to the HMRC Transitional rules manual.
Profit/(loss) of the transition part of the basis period

The apportioned profit/(loss) of the next accounting period to 5th April 2024.

Step 2 of the Transitional rules.
Total transitional profit

Step 5 of the Transitional rules.

The total transitional profit.
Transitional profit taxable The amount of transitional profit being treated as arising in the tax year. IRIS Elements automatically calculates this value at 20% of the total transitional profit value entered. You can adjust this but it must be at least 20% of the total transitional profit.
Transitional profit carried forward Any total transitional profit not being treated as taxable in the tax year is carried forward and taxed in subsequent tax years.
Loss B/fwd used

Displays the amount of losses brought forward that are being used to reduce taxable profits.

For tax year 2024 onwards, this has been renamed Loss B/fwd set off against this year’s profit.
Loss B/fwd set off against Transitional profit Displays the amount of loss that is being used to reduce this year’s transitional profit taxable. Losses brought forward must be used to offset losses in the earliest year possible.
Override calculated losses B/fwd? Select to edit how the loss brought forward from earlier years is being applied.
Taxable profit Displays the taxable profit of the partnership trading income after losses.
Other business income Any other business income, such as payments to the partner in a personal capacity that were not included in the partnership tax return.
Total taxable profits Displays the total taxable trading profits from this partnership.