Other income/losses

This screen is accessed via the data input tab within the tax return and is used for income that is not entered elsewhere. Examples of income include: casual earnings; commission; freelance income; Property Income Distributions (PIDs) from UK Real Estate Investment Trusts (UK-REITs) and Property Authorised Investment Funds (PAIFs) including PIDs paid by the issue of a stock dividend; post-cessation business receipts; income received, or treated as received, from unauthorised unit trusts; taxable annual payments; profits from certificates of deposit.

This section must not be used for income (or gains) that should be returned on supplementary pages.

For further information see HMRC Helpsheet 325

Other income

  • Description of income‘ Enter a brief description of the income.
  • ‘Category A?‘ Tick the box if the income is Category A income against which losses can be set. Category A income includes: all casual earnings, including ‘one-off’ freelance income; underwriting or sub-underwriting commissions; profits from isolated literary or artistic activities; rental from leasing equipment; post-cessation receipts; recoveries of post-cessation expenses; sale of patent rights for a capital sum.
  • Income‘ Enter the income before expenses.
  • ‘Expenses’ Enter any relevant expenses.
  • Tax taken off‘ Input any tax already taken off the income.

To delete a line from the grid, click the ‘trash can’ button at the end of the line.

Losses

Taxfiler will net off losses against applicable income marked as Category A. If there are losses brought forward these will also be used to reduce the relevant income.

  • Earlier year losses b/fwd’ Enter an earlier year losses brought forward.
  • Loss b/fwd used’ Taxfiler will display the amount of losses brought forward that can be used to offset Category A income.
  • Loss to carry forward’ Taxfiler will display any remaining loss to carry forward. This loss will be used to populate the loss b/fwd field for next year’s tax return.

Using income losses against capital gains

Firstly, please ensure that you are making the best use of the losses before proceeding. Select the Capital gains tab from the data input screen Click on the Disposals tab, and enter the relevant information Click on the Capital Losses tab, and enter the amount of loss that you wish to set off against the […]

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Restricting access to clients

This feature is only available for multiuser accounts, it has been designed so that you can restrict user access for certain clients if required. Users with “edit client access” rights AND who have access to a client can assign or remove access rights via the Access tab on the client screen. The default is that […]

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User restrictions within Taxfiler

This function is only available for a multiuser license. Some functions within Taxfiler can be restricted from a user. From the SETTINGS icon select Users and select the user that you wish to edit Select Restrictions tab You will be presented with several functions which can be selected or removed via a tick box. For […]

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