This article applies to:

Set off a loss in Personal Tax

Open the client in Personal, Business, and Trust Tax.

Select Edit
, then Schedule Editor
from the main menu.

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
.

Double-click the name of your client.

If your client is a business-tax sole trade, double-click Current Tax Year Details
.

Select the Losses
tab.

Select the Section number for the relief from the drop-down list.

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)

Make NIC adjustments, if any.

Select Edit
, then Schedule Editor
from the main menu.

Double-click NIC Profits Adjustment
.

Select New
.

Select Trading Losses Current Year
, then enter the profit covered by the loss in the Amount
field.

Select OK
.

The computation will show a reduced liability to take account of the losses set off and any NIC adjustments.