COM50110 - Claims / reliefs: loss and non-trading deficits carry-back: allowing the carry-back
Before making or amending an assessment to give effect to a loss or non-trading deficit carry-back see the following subjects in this section
Claim for loss or non-trading deficit before assessment made
The computer will not allow you to fastpath (Word 27KB) assess any AP if the return includes losses or non-trading deficits carried back from a later AP. You will, therefore, have to use Function PAST (Prepare Full Assessment) or Function PASR (Prepare Assessment Based on Return) to make any assessment involving carry-backs.
You must enter each amount of loss or non-trading deficit carried back separately, showing the AP from which it comes.
Consider using Function RECB (Record Amounts Carried Back) if you need to give credit for a carry-back not reflected in the return logged
- Before you have made the assessment
And
- You are not in a position to make the assessment at once
Claim for loss or non-trading deficit after assessment made
You will usually be able to deal with a carry-back to a CT Pay and File AP by amending an existing assessment using Function PAST (Prepare Full Assessment). If no assessment has been made for the AP, you should consider making it.
When you amend (or make) the assessment, enter any carry-backs in the appropriate fields in screen COT120F
Making the assessment after a carry back has been recorded using Function RECB
When you amend (or make) the assessment using Function PAST (Prepare Full assessment), enter any carry-backs in the appropriate fields in screen COT120F and note that
- The carry-back is not automatically entered on screen COT120F or reflected in the assessment
- Payment postings resulting from your use of Function RECB are reversed
- Any non-standard EDP (Word 41KB) you entered in Function RECB is lost
Note: The computer warns you of this. If you have posted a carry-back using Function RECB and later use the assessing function, the following message appears when you enter screen COT120F
‘Warning: carry-backs already present on this accounting period’
For a list of forms relevant to this subject, see COM50111.
For a list of functions to use in particular situations, see COM50112.
