Topics

Set off a loss in Personal Tax

  1. Open the client in Personal, Business, and Trust Tax.
  2. Select
    Edit
    , then
    Schedule Editor
     from the main menu.
  3. Open the Schedules list.
    • If your client is a partner, double-click
      Partnership income
      .
    • If you client is a sole trade, or business-tax sole trade, double-click
      Sole Trade
      .
  4. Double-click the name of your client.
  5. If your client is a business-tax sole trade, double-click
    Current Tax Year Details
    .
  6. Select the
    Losses
     tab.
  7. Select the Section number for the relief from the drop-down list.
  8. Use the appropriate
    Amount
     field in the following tables to enter an amount for the current tax year.
    • Other income s.64/s.72 (s.380/s.381)
    • Capital Gains s.64 only
    • Trade profits s.89 only (s.388)
  9. Make NIC adjustments, if any.
    1. Select
      Edit
      , then
      Schedule Editor
       from the main menu.
    2. Double-click
      NIC Profits Adjustment
      .
    3. Select
      New
      .
    4. Select
      Trading Losses Current Year
      , then enter the profit covered by the loss in the
      Amount
       field.
    5. Select
      OK
      .
The computation will show a reduced liability to take account of the losses set off and any NIC adjustments.

This article applies to:

  • Product: Digita Personal Business and Trust Tax