Where is overlap relief entered for a sole trader?

Article ID

ias-12043

Article Name

Where is overlap relief entered for a sole trader?

Created Date

13th October 2015

Product

IRIS Personal Tax

Problem

The client commenced in business several years ago, we have been given a figure of overlap relief, where can this be entered?

Resolution

Users are required to enter overlap relief as follows: 1. Log into IRIS Personal Tax and select the client. 2. Click Trade Profession or Vocation then click Sole Trade or Partnership. 3. The right side of the screen is split into two with a list of account dates displayed in the bottom half of the screen, double click on the account date for the current year. 4. Click on the Adjustments, Losses, Overlap and Tax tab. 5. Enter the number of days and the amount of overlap profit into the section labelled overlap profit b/fwd then click OK to save. Overlap will be deducted automatically if there has been a relevant change of account date or there is a cessation. For information on how to enter overlap relief for a partner please see KB item 5203