Relief claimed for later years trading losses

This section is accessed via the data input tab within the tax return and is used to enter details of any relief claimed for later years trading losses (and certain capital losses) that are being relieved against this or an earlier year.

  • Relief claimed‘ Enter the amount of the relief being claimed. Ensure that all the information on the relief claimed is included in the Additional text note.
  • ‘Amount of relief not subject to limit on Income Tax reliefs‘ From 2014 there is a limit on the amount of sideways relief available for losses. Relief is limited to £50,000, or 25% of adjusted total income if higher. See HMRC Helpsheet 204. Enter in this box the amount of relief which is NOT subject to the limits of relief.
  • Tax year for which claiming‘ Enter the tax year against which the loss is being claimed.

Additional text note for Tax Return

Enter any additional information you wish to appear in the white space of the 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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