Where can overlap relief be entered for a partnership?

Article ID

ias-12044

Article Name

Where can overlap relief be entered for a partnership?

Created Date

13th October 2015

Product

IRIS Personal Tax

Problem

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

Resolution

Users are required to: 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. Enter the number of days and the amount of overlap profit within the section title enter amounts for basis period then click OK to save. For information on how to enter overlap relief for a self employed client please see KB item 5202 Overlap will be deducted automatically if there has been a relevant change of account date there is a cessation or the partner leaves the business.