Validation on Furnished holiday letting profit for the year

Article ID

ias-12053

Article Name

Validation on Furnished holiday letting profit for the year

Created Date

13th October 2015

Product

IRIS Personal Tax

Problem

When printing the clients Electronic Tax return the following validation error is generated: "The amount in box [SA105:Furnished holiday lettings profit for the year/SA105:Furnished holiday lettings loss for the year] must be a loss or equal ( ( the sum of [SA105:Furnished holiday lettings - income], [SA105:Private use adjustment], and [SA105:Balancing charges] ) minus ( The sum of [SA105:Furnished holiday lettings - rent, repairs etc.], [SA105:Furnished holiday lettings - interest etc. costs], [SA105:Furnished holiday lettings - management etc. fees], [SA105:Furnished holiday lettings - other expenses], and [SA105:Capital allowances] ) ). Please check".

Resolution

This message indicates that a negative expense has been entered against a furnished holiday let property that the client is receiving rental income from. This can be amended as follows: 1. Log on to IRIS Personal Tax and select the client. 2. Click on the UK Land and Property folder, click Property income. 3. Click on the property in the top half of the screen, click on Expenses in the bottom half. 4. Double click on the negative expense, alter the amount, click OK.