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Ability to choose Rental Income for a Partnership or Sole Trader

Article ID
ias-10134
Article Name
Ability to choose Rental Income for a Partnership or Sole Trader
Created Date
10th October 2011
Product
IRIS Business Tax
Problem
Users have the ability to choose Rental Income as a Business type for Partnership or Sole Trader rather than having to edit the entries in a Partnership and having to manually put in the property for a sole trader.
Resolution
For a Partnership: Clients will be able to choose Rental Income and when you bring this into Business Tax a box will pop up asking you to enter the details of the property (please be aware that it will only have the option for one property – so if the customer has several properties then you will need to enter various and add the income together and also the expenses) and it will now populate the UK Land and Property area within Trades/Partnership/Data Entry and therefore clients will not have to remove the entries in the Trading and Professional Income and enter it manually in the UK Land and Property. Please be aware that if you refresh to Personal Tax and your client is not a Partnership with a UTR then you will need to put a to date in the involvements screen for the previous tax year and manually enter the income under UK Land and Property. For a Sole Trader: When selecting rental income for the business type and then bringing this into Business Tax a box will appear asking for the property address to be added – please be aware that only one property is available for entry (but you will have the option to put in how many properties) so if the client has more than one property you can either enter various and a total of the income and expenses or just enter one property and then when going to personal tax manually enter all the other properties. When refreshing to Personal Tax the property that you have entered above will now populate the UK Land and Property section automatically, but this is purely for Sole Traders for Partnerships please see above.

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