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

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

image 13 | Business Tax: LTD Property Letting company but unknown trade loss/gain appearing

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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