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Where to enter the cash on withdrawal basis for a sole trader or partnership in

Article ID
ias-11407
Article Name
Where to enter the cash on withdrawal basis for a sole trader or partnership in
Created Date
15th October 2013
Product
IRIS Personal Tax
Problem
Where to enter the cash on withdrawal basis for a sole trader or partnership in Personal Tax? (For Business Tax please refer to KB 11406)
Resolution
The screen is the same for both sole traders and partnerships. To access: For a sole trader: Go to Trade, Profession and Vocation | Sole Trade or Partnership | Double click on the account period | Go to the Adjustments, Losses, Overlap and Tax tab and click on the magnifying glass next to Adjustment on the Withdrawal of Cash Basis For a partnership: Go to Trade, Profession and Vocation | Sole Trade or Partnership | Double click on the account period | in the first tab Trading Income, click on the magnifying glass next to Adjustment on the Withdrawal of Cash Basis Then follow the steps below: 1. Enter the total catch up charge at the top of the screen. 2. Choose the first year in which the catch-up charge will be taxed from the drop down list. The total will be charged to tax in 10 instalments over the tax years that follow 3. The catch up charge pre – 2014 will always be 10 years. From 2014 onwards you wiil need to choose the number of years from the drop down menu 4. The catch up charge is automatically calculated at 10% (for a catchup period of 10 years) and 1/6th (for a catchup period of 6 years) of the original total adjustment 5.You can enter the amount to be charged to tax in the tax year in the Override field

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