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Business Tax- Changing a Sole trader to a partnership

Article ID

ias-9369

Article Name

Business Tax- Changing a Sole trader to a partnership

Created Date

17th December 2010

Product

IRIS Business Tax

Problem

IRIS Business Tax- How does IRIS deal with a sole trade to a partnership changes where there are two or more accounting periods in the basis period

Resolution

  1. Client | View – Change the business type to a Partnership
  2. Client | View | Related | Involvements. Enter relevant dates i.e. date partner joined for individual partners under
  3. Business Tax: -Prints a partnership return for any accounting period where more than one person was involved in the trade. -Treats the business as a sole trader for any period where the business was exclusively carried out by one person.
  4. Personal Tax: -If one of the accounting periods is purely as a sole trader, two sets of pages will be printed: -Sole trade pages showing the accounting information but with page 3 blank and box 3.10 ticked. -Partnership pages showing the profit/loss from the partnership account periods with an adjustment showing the profit/loss from the sole trade period.

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