Iris Accounts Production & Personal Tax & losses help, thanks

Julie2011Julie2011 Feels At HomePosts: 33Registered
Hi

Does anyone use Iris for Accounts Production and Personal Tax etc????....

I am using personal tax to carry back a trading loss against previous years income and wanted to check I have put in the right place and done the right thing! I have entered in the sole trader, adjustments, losses, overlap and tax screen, it hasnt asked me about the previous years income, do I assume that HMRC work this out??

Also not sure if its just the end of a long day or I am being a bit thick! but .. the clients basis period ends 31 January 2011 and Iris has adjusted the loss by reducing it by about £5000...cant see how it has arrived at the figure.

Any help gratefully received.
Thank you
Julie

Comments

  • readerreader Experienced Mentor Posts: 1,039MAAT, AAT Licensed Accountant
    If you run the "Schedules of data" report in personal tax you should be able to see how IRIS has arrived at the figures.
  • clegganatorclegganator Well-Known Posts: 184Registered
    Well, I had to do something similar to this a few months ago with someone who made a massive loss in his first year and we were carrying it back against old PAYE tax stopped. I don't remember exactly but it was on the 'reliefs' tab and somewhere under there. I had to do the calculation manually but it gives you space to put your workings in case you come back and forget what you did and offset it against.

    Not sure about the loss. Possibly has apportioned it somehow but can't think how... Sure there was something in another thread about the advantages/disadvantages of sole traders having non 31/3 year ends which may something to do with it...
  • Julie2011Julie2011 Feels At Home Posts: 33Registered
    Thank you very much.
    Julie
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