• Paula Travers

USING 2020 LOSSES TO REDUCE YOUR 2019 TAX BILL

Details of some new ๐™ฉ๐™š๐™ข๐™ฅ๐™ค๐™ง๐™–๐™ง๐™ฎ ๐™ž๐™ฃ๐™˜๐™ค๐™ข๐™š ๐™ฉ๐™–๐™ญ ๐™ข๐™š๐™–๐™จ๐™ช๐™ง๐™š๐™จ designed to assist ๐™จ๐™š๐™ก๐™›-๐™š๐™ข๐™ฅ๐™ก๐™ค๐™ฎ๐™š๐™™ ๐™ž๐™ฃ๐™™๐™ž๐™ซ๐™ž๐™™๐™ช๐™–๐™ก๐™จ who have been adversely impacted by COVID19 restrictions, have been announced.โฃ

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๐™ƒ๐™š๐™ง๐™š'๐™จ ๐™ฌ๐™๐™–๐™ฉ ๐™ฎ๐™ค๐™ช ๐™ฃ๐™š๐™š๐™™ ๐™ฉ๐™ค ๐™ ๐™ฃ๐™ค๐™ฌ:โฃ

โœณ Self-employed individuals may claim to have their 2020 losses & certain unused capital allowances ๐™˜๐™–๐™ง๐™ง๐™ž๐™š๐™™ ๐™—๐™–๐™˜๐™  & ๐™™๐™š๐™™๐™ช๐™˜๐™ฉ๐™š๐™™ ๐™›๐™ง๐™ค๐™ข ๐™ฉ๐™๐™š๐™ž๐™ง 2019 ๐™ฅ๐™ง๐™ค๐™›๐™ž๐™ฉ๐™จ, thereby reducing the amount of income tax payable on those profits! (A limit of โ‚ฌ25k applies).โฃ

โœณ Obviously 2020 is not over yet, so it will be possible to make an ๐™ž๐™ฃ๐™ฉ๐™š๐™ง๐™ž๐™ข ๐™˜๐™ก๐™–๐™ž๐™ข based on the ๐™—๐™š๐™จ๐™ฉ ๐™š๐™จ๐™ฉ๐™ž๐™ข๐™–๐™ฉ๐™š of 2020 losses that can ๐™ง๐™š๐™–๐™จ๐™ค๐™ฃ๐™–๐™—๐™ก๐™ฎ be made at the time the interim claim is made.โฃ

โœณ 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 - ๐˜พ๐™๐™๐™๐™€๐™‰๐™๐™‡๐™” ๐™”๐™Š๐™ ๐™ˆ๐™๐™Ž๐™ ๐˜ฟ๐™Š ๐™๐™ƒ๐™„๐™Ž ๐˜ฝ๐™” ๐™Ž๐™๐˜ฝ๐™ˆ๐™„๐™๐™๐™„๐™‰๐™‚ ๐™๐™ƒ๐™€ ๐˜พ๐™‡๐˜ผ๐™„๐™ˆ ๐™‘๐™„๐˜ผ ๐™ˆ๐™ฎ๐™€๐™ฃ๐™ฆ๐™ช๐™ž๐™ง๐™ž๐™š๐™จ ๐™ค๐™ฃ ๐™๐™Š๐™Ž.โฃ

โœณ You ๐™ˆ๐™๐™Ž๐™ ๐™ช๐™จ๐™š ๐™– ๐™จ๐™ฅ๐™š๐™˜๐™ž๐™›๐™ž๐™˜ ๐™ก๐™š๐™ฉ๐™ฉ๐™š๐™ง ๐™ฉ๐™š๐™ข๐™ฅ๐™ก๐™–๐™ฉ๐™š when submitting this claim (other formats will NOT be accepted).โฃ

โœณ 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, ๐™ฎ๐™ค๐™ช ๐™ข๐™–๐™ฎ ๐™—๐™š ๐™™๐™ช๐™š ๐™– ๐™ง๐™š๐™›๐™ช๐™ฃ๐™™ ๐™ค๐™› ๐™จ๐™ค๐™ข๐™š ๐™ค๐™› ๐™ฉ๐™๐™–๐™ฉ ๐™ฉ๐™–๐™ญ ๐™–๐™ก๐™ง๐™š๐™–๐™™๐™ฎ ๐™ฅ๐™–๐™ž๐™™, BUT you must file your 2019 return first before you can start the process of making an interim claim!โฃ

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๐Ÿ‘‰ ๐—œ๐—ก ๐—ฆ๐—จ๐— ๐— ๐—”๐—ฅ๐—ฌ:โฃ

โœ… File your 2019 Income Tax Return & then make an interim claim for loss relief.โฃ

โœ… Already filed your return - make a claim for loss relief now via MyEnquiries.โฃ

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โŽโŽ 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 ! โŽโŽ๐Ÿ˜€


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


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ยฉ2020 by Travers Accounting Services.

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