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How to enter Foreign/Partially Foreign Self-Employment income

Article ID
ias-11676
Article Name
How to enter Foreign/Partially Foreign Self-Employment income
Created Date
19th June 2014
Product
IRIS Personal Tax
Problem
How to enter Foreign/Partially Foreign Self-Employment income
Resolution
1. In Personal Tax, navigate to Trade Profession or Vocation and then Sole Trade or Partnership 2. Either double click on an already created Accounting Period, or click New at the bottom of the screen to set up an Accounting Period 3. Enter in the total amount of self-employed income, regardless of whether the self-employment has solely foreign income or both foreign and domestic income 4. Navigate to Trade Profession or Vocation and then Foreign Income 5. Click New at the bottom of the screen 6. Enter in the total amount of the Foreign profit generated from this self-employment (even though this income was entered earlier into Sole Trade or Partnership) and all relevant detail For example: if a self-employment had £5,000 domestic income and £5,000 foreign income, you would enter the total income of £10,000 into Sole Trade or Partnership and then the foreign £5,000 into Foreign Income within Trade Profession or Vocation. This is to show that out of the £10,000 total income, £5,000 is foreign. If the income is entirely foreign, you would enter the full amount in Sole Trade or Partnership and then the full amount again in Foreign Income

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