Losses
This section is designed to analyse utilisation and movement of tax losses according to the loss type.
- Carried forward losses
- This sheet calculates the amount of carried forward losses that can be offset against company’s profits. This sheet is always present in the calculation.
- Loss summary
- This sheet provides an overall summary of the loss position for the company for the accounting period. A sheet is inserted automatically for each accounting period.
- UK trade losses
- This sheet is used to analyse all information relevant to losses that can be attributed to a specific business. The sheet is inserted automatically with each Adjustment of profit sheet.
- Non-trading losses on intangible fixed assets
- This sheet is used to analyse all information relevant to losses that can be attributed to non-trading intangible fixes assets. This is inserted automatically with Non-trading intangible assets sheet.
- Miscellaneous losses
- Use this sheet to analyse all information relevant to losses that can be attributed to Miscellaneous income / loss. This is inserted automatically with the Miscellaneous income sheet.
- Special leasing
- Use this sheet to analyse all information relevant to excess allowances on special leasing treated as losses. This sheet is optional.
Completing the Sheets
Carried forward losses
This sheet calculates the Relevant maximum that restricts amount of relief available from carried forward losses. This is calculated for trading and non-trading profits and columns will be inserted for each accounting period created by you. You are able to enter any amounts of deductions allowance available on this sheet.
Loss summary
This sheet tracks the loss position for each type of loss present in the computation, including the utilisation of current period and brought forward losses, deficits and excesses. This follows the legislation and is subject to restrictions calculated elsewhere in the calculation. This sheet also calculates values relevant to Group, including amounts available for surrender.
UK trade losses
This sheet is used to analyse trade or property business loss utilisation. This sheet tracks the loss position for all the individual business-related losses. The sheet is used for both trade and property losses and is determined by the dropdown on the corresponding adjustment of profit sheet. A series of columns will be inserted for each accounting period created by the user. You should enter any losses brought forward in the first year using the software but these values will be carried forward in future periods. If you are a Non-UK resident landlord with a property rental business, this sheet will analyse the utilisation of losses for each of your properties to be tracked year-on-year.
Non-trading losses on intangible fixed assets
This sheet is used to analyse the utilisation of losses related to non-trading intangible fixed assets. The sheet tracks the loss position for this type of loss. A series of columns will be inserted for each accounting period created by the user.
Miscellaneous losses
This sheet is used to analyse utilisation of losses related to miscellaneous losses. The sheet tracks the loss position for this type of loss. A series of columns will be inserted for each accounting period created by the user.
Special leasing
This is used to analyse the utilisation of excess allowance related to special leasing. The sheet tracks the loss position for this type of loss. A series of columns will be inserted for each accounting period created by the user.
note
Optional overrides are available to reduce the current period claim amounts and on the UK trade losses and Non-trading losses on intangible fixed assets sheets an override lets you hide columns with carried forward pre-April 2017 losses if those are not relevant to your computation.