How to enter a compensation payment

Article ID

ias-12042

Article Name

How to enter a compensation payment

Created Date

13th October 2015

Product

IRIS Personal Tax

Problem

The client has received a redundancy payment upon termination of employment which is subject to the £30,000 exemption. How can this income be entered?

Resolution

Users are required to: 1. Log on to IRIS Personal Tax and select the client. 2. Click Employment, then click Compensation. 3. Double click on the name of the clients employer on the right of the screen. 4. Enter the full amount including any exempt amount into the box titled Lump sum relating to termination of employment then click OK. IRIS will now automatically apply the £30,000 exemption to this income.