IAS 21341 Personal Tax- 2025 Sole Trade/Partnership Profit incorrect apportioning 360/365 days (Manual fix)

personal-tax-2025-sole-trade-partnership-profit-incorrect-as-apportioning-360-365-days

IAS 21341 Personal Tax- 2025 Sole Trade/Partnership Profit incorrect apportioning 360/365 days (Manual fix)

26th June 2025

IRIS Personal Tax- Trade Profit incorrect on Tax /Trade Comp but SA100 is correct

The Self Employment and Partnership taxable profits is incorrect in the SA100, Tax computation and Trade computation. PT software has calculated an unexpected apportionment of dates eg 360/365 and removing a set number of days profit (The difference between the correct profit and lowered profit could also be showing under the ADJUSTMENT box in the SA100 and in the Schedules of Data). If you have a ‘period change’ in the past then it could be causing this issue.

This has been confirmed as a DEFECT on IRIS versions 25.1.3 and 25.1.4.42. This is now fixed on the IRIS version 25.2.0. If the data is originally from BT and still incorrect in PT then go to BT and refresh the data to PT and then check PT again.

If the Partnership is still being incorrectly apportioned in 25.2.0 (after a refresh of data and shows 360/365 days) then our Development team has investigated this and it requires a manual fix below:

The reason the partnership profits are being apportioned is because a option in PT has ticked the ‘opt out of the late accounting date rules’ in tax year 2024 and 2025.

1. Go to tax year 2024, open the transitional period profits screen | Untick ‘opt out of the late accounting date rules’ and Ok

2. Go to tax year 2025 | Run a bring forward data

3. Open the relevant period and open the ‘business details’ tab | Untick ‘opt out of the late accounting date rules’

4. Run a Trade comp, Tax Comp and values should not be apportioned by 360/365 days.

Our apologies for the inconvenience.