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.