Business Tax: LTD Property Letting company but unknown trade loss/gain appearing
Article ID
business-tax-ltd-property-letting-company-but-unknown-trade-loss-gain-appearing
Article Name
Business Tax: LTD Property Letting company but unknown trade loss/gain appearing
Created Date
12th August 2021
Product
Problem
IRIS Business Tax: LTD Property letting company but a unknown trade loss/gain keeps appearing
Resolution
This normally affects LTD companies which used to be Trading companies and switched to Property Letting later on OR entries were made accidently as a Trade company and when noticed it was then corrected to Property Letting.
- Load Client and relevant period
- Client, View, Type – Subtype – it should already be set to ‘Property letting’
- Switch it to ‘blank’. Save and ok
- Go to Edit, Losses and remove any trade loss values
- Go to Edit, Postings and remove any trade gain or loss entries
- Client, View, Type – Subtype – switch back to ‘Property letting’. Save and OK
- Check your reports.
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