The “set back” of trading losses to a relevant prior accounting period and the “set back” of excess Research & Development credit to a relevant prior accounting period must now be made electronically via Revenue Online Service (ROS).

Under the self-assessment legislation all tax returns filed electronically must, where amendments are required, be amended electronically. According to eBrief No. 94/14 for companies with accounting periods ending on or after 1 January 2014, claims in relation to:

• the “set back” of trading losses to a relevant prior accounting period (section 396A(3) and 396B TCA 1997), and
• the “set back” of excess Research & Development Credit to a relevant prior accounting period (section 766(4A)(a) and 766A(4A)(a) TCA 1997), must now be made electronically via ROS.

New field are available in the ROS “amend” mode, in the Trading Results panel, the Deductions, Reliefs and Credits panel and the Research & Development panel respectively to capture these claims. It is not possible to amend CT1 returns in the offline version.

eBrief No. 94/14 also reminds that section 1085 TCA 1997 imposes a restriction on the amount of losses that may be claimed if the return is being filed late. Therefore, in these circumstances the restricted amount of the loss should be entered on the return.