- Paula Travers
USING 2020 LOSSES TO REDUCE YOUR 2019 TAX BILL
Details of some new ๐ฉ๐๐ข๐ฅ๐ค๐ง๐๐ง๐ฎ ๐๐ฃ๐๐ค๐ข๐ ๐ฉ๐๐ญ ๐ข๐๐๐จ๐ช๐ง๐๐จ designed to assist ๐จ๐๐ก๐-๐๐ข๐ฅ๐ก๐ค๐ฎ๐๐ ๐๐ฃ๐๐๐ซ๐๐๐ช๐๐ก๐จ who have been adversely impacted by COVID19 restrictions, have been announced.โฃ
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๐๐๐ง๐'๐จ ๐ฌ๐๐๐ฉ ๐ฎ๐ค๐ช ๐ฃ๐๐๐ ๐ฉ๐ค ๐ ๐ฃ๐ค๐ฌ:โฃ
โณ Self-employed individuals may claim to have their 2020 losses & certain unused capital allowances ๐๐๐ง๐ง๐๐๐ ๐๐๐๐ & ๐๐๐๐ช๐๐ฉ๐๐ ๐๐ง๐ค๐ข ๐ฉ๐๐๐๐ง 2019 ๐ฅ๐ง๐ค๐๐๐ฉ๐จ, thereby reducing the amount of income tax payable on those profits! (A limit of โฌ25k applies).โฃ
โณ Obviously 2020 is not over yet, so it will be possible to make an ๐๐ฃ๐ฉ๐๐ง๐๐ข ๐๐ก๐๐๐ข based on the ๐๐๐จ๐ฉ ๐๐จ๐ฉ๐๐ข๐๐ฉ๐ of 2020 losses that can ๐ง๐๐๐จ๐ค๐ฃ๐๐๐ก๐ฎ be made at the time the interim claim is made.โฃ
โณ If you have already filed your 2019 Income Tax return & paid tax, and have suffered losses in 2020, you can now make an interim claim - ๐พ๐๐๐๐๐๐๐๐ ๐๐๐ ๐๐๐๐ ๐ฟ๐ ๐๐๐๐ ๐ฝ๐ ๐๐๐ฝ๐๐๐๐๐๐๐ ๐๐๐ ๐พ๐๐ผ๐๐ ๐๐๐ผ ๐๐ฎ๐๐ฃ๐ฆ๐ช๐๐ง๐๐๐จ ๐ค๐ฃ ๐๐๐.โฃ
โณ You ๐๐๐๐ ๐ช๐จ๐ ๐ ๐จ๐ฅ๐๐๐๐๐๐ ๐ก๐๐ฉ๐ฉ๐๐ง ๐ฉ๐๐ข๐ฅ๐ก๐๐ฉ๐ when submitting this claim (other formats will NOT be accepted).โฃ
โณ If you have not yet filed your 2019 Income Tax return but paid Preliminary Tax for 2019 last year, and have suffered losses in 2020, ๐ฎ๐ค๐ช ๐ข๐๐ฎ ๐๐ ๐๐ช๐ ๐ ๐ง๐๐๐ช๐ฃ๐ ๐ค๐ ๐จ๐ค๐ข๐ ๐ค๐ ๐ฉ๐๐๐ฉ ๐ฉ๐๐ญ ๐๐ก๐ง๐๐๐๐ฎ ๐ฅ๐๐๐, BUT you must file your 2019 return first before you can start the process of making an interim claim!โฃ
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๐ ๐๐ก ๐ฆ๐จ๐ ๐ ๐๐ฅ๐ฌ:โฃ
โ File your 2019 Income Tax Return & then make an interim claim for loss relief.โฃ
โ Already filed your return - make a claim for loss relief now via MyEnquiries.โฃ
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โโ For your convenience I have included a link for you to download the letter template that you will need to use to submit your Interim Claim ! โโ๐
https://www.traversaccounting.ie/interim-claim-losses-letter
