S455 tax calculated because the loan balance brought forward is ignored
Article ID
ias-12314
Article Name
S455 tax calculated because the loan balance brought forward is ignored
Created Date
13th September 2016
Product
IRIS Business Tax
Problem
Business Tax is not taking into account loans brought forward when pulling through directors loans and therefore is showing the balance as outstanding and incorrectly calculating s455 tax.
Resolution
Unfortunately, this was confirmed as a bug within the software in version 16.2.0 and was fixed in version 16.3.0 (the October 2016 release).
Workaround:
1) Select Data Entry & Loans to Participators
2) Select cell New Loans Oustanding
3) Tick the Override box & remove the figure
4) Click on Update Totals and then OK to close the screen
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