USING 2020 LOSSES TO REDUCE YOUR 2019 TAX BILL

Details of some new 𝙩𝙚𝙢𝙥𝙤𝙧𝙖𝙧𝙮 𝙞𝙣𝙘𝙤𝙢𝙚 𝙩𝙖𝙭 𝙢𝙚𝙖𝙨𝙪𝙧𝙚𝙨 designed to assist 𝙨𝙚𝙡𝙛-𝙚𝙢𝙥𝙡𝙤𝙮𝙚𝙙 𝙞𝙣𝙙𝙞𝙫𝙞𝙙𝙪𝙖𝙡𝙨 who have been adversely impacted by COVID19 restrictions, have been announced.⁣

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𝙃𝙚𝙧𝙚'𝙨 𝙬𝙝𝙖𝙩 𝙮𝙤𝙪 𝙣𝙚𝙚𝙙 𝙩𝙤 𝙠𝙣𝙤𝙬:⁣

✳ Self-employed individuals may claim to have their 2020 losses & certain unused capital allowances 𝙘𝙖𝙧𝙧𝙞𝙚𝙙 𝙗𝙖𝙘𝙠 & 𝙙𝙚𝙙𝙪𝙘𝙩𝙚𝙙 𝙛𝙧𝙤𝙢 𝙩𝙝𝙚𝙞𝙧 2019 𝙥𝙧𝙤𝙛𝙞𝙩𝙨, thereby reducing the amount of income tax payable on those profits! (A limit of €25k applies).⁣

✳ Obviously 2020 is not over yet, so it will be possible to make an 𝙞𝙣𝙩𝙚𝙧𝙞𝙢 𝙘𝙡𝙖𝙞𝙢 based on the 𝙗𝙚𝙨𝙩 𝙚𝙨𝙩𝙞𝙢𝙖𝙩𝙚 of 2020 losses that can 𝙧𝙚𝙖𝙨𝙤𝙣𝙖𝙗𝙡𝙮 be made at the time the interim claim is made.⁣

✳ 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 - 𝘾𝙐𝙍𝙍𝙀𝙉𝙏𝙇𝙔 𝙔𝙊𝙐 𝙈𝙐𝙎𝙏 𝘿𝙊 𝙏𝙃𝙄𝙎 𝘽𝙔 𝙎𝙐𝘽𝙈𝙄𝙏𝙏𝙄𝙉𝙂 𝙏𝙃𝙀 𝘾𝙇𝘼𝙄𝙈 𝙑𝙄𝘼 𝙈𝙮𝙀𝙣𝙦𝙪𝙞𝙧𝙞𝙚𝙨 𝙤𝙣 𝙍𝙊𝙎.⁣

✳ You 𝙈𝙐𝙎𝙏 𝙪𝙨𝙚 𝙖 𝙨𝙥𝙚𝙘𝙞𝙛𝙞𝙘 𝙡𝙚𝙩𝙩𝙚𝙧 𝙩𝙚𝙢𝙥𝙡𝙖𝙩𝙚 when submitting this claim (other formats will NOT be accepted).⁣

✳ 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, 𝙮𝙤𝙪 𝙢𝙖𝙮 𝙗𝙚 𝙙𝙪𝙚 𝙖 𝙧𝙚𝙛𝙪𝙣𝙙 𝙤𝙛 𝙨𝙤𝙢𝙚 𝙤𝙛 𝙩𝙝𝙖𝙩 𝙩𝙖𝙭 𝙖𝙡𝙧𝙚𝙖𝙙𝙮 𝙥𝙖𝙞𝙙, BUT you must file your 2019 return first before you can start the process of making an interim claim!⁣

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👉 𝗜𝗡 𝗦𝗨𝗠𝗠𝗔𝗥𝗬:⁣

✅ File your 2019 Income Tax Return & then make an interim claim for loss relief.⁣

✅ Already filed your return - make a claim for loss relief now via MyEnquiries.⁣

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❎❎ 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 ! ❎❎😀

https://www.traversaccounting.ie/interim-claim-losses-letter