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Sole trade to partnership changes

Article ID
ias-9369
Article Name
Sole trade to partnership changes
Created Date
17th December 2010
Product
IRIS Business Tax
Problem
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
Users are required to: firstly, change the business type to a Partnership by going into Client | View. Secondly, enter relevant dates i.e. date partner joined for individual partners under Client | View | Related | Involvements. 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. 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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