Thank you for your feedback.

Was this useful?

How do I enter private use on an individual asset?

Article ID
ias-9497
Article Name
How do I enter private use on an individual asset?
Created Date
10th February 2011
Product
IRIS Business Tax
Problem
How can private use be entered on an individual asset for a Sole Trader or Partnerships
Resolution
The Capital Allowances option operates in the same way for a Sole Trade and Partnership as it does for Limited Companies, other than private use (which is not available for Limited Companies). To restrict Capital Allowances for private use, users are required to do the following:- 1. Log onto IRIS Business Tax and select the client 2. From the EDIT menu, select Capital Allowances then A- Maintain Assets. 3. Click Insert asset and setup the asset as a non pooled item (ie do not tick include in general pool or include in special rate pool boxes at the bottom of the screen), if you get a warning message stating ‘Legislation dictates’ select YES and then click OK. Then click on Close. 4. Click on B – Re-calculate. A message appears Re-calculation complete click OK. 5. Select C – Maintain and highlight the asset and click on Change. Enter the private use percentage, click OK. 6. Run your computation and you will see that the addition is registered along with the private use element. If when you first set up the asset you ticked either General Pool or Special Rate Pool at the bottom of the screen then you will need to untick these boxes and you will get the message mentioned above about ‘Legislation dictates’ but then you will also need to do a D recalculation to remove from either the General Pool or the Special Rate Pool. Please note that if you have manually put any figures into E-Maintain Pool then when you do click on D-recalculation it will remove the manually entered figures and therefore you will need to manually enter the figures again.

Thank you for your feedback.

Was this useful?