Not picking up Capital Allowance for private usage when refreshing from Business Tax to Personal Tax

Article ID

not-picking-up-capital-allowance-for-private-usage-when-refreshing-from-business-tax-to-personal-tax

Article Name

Not picking up Capital Allowance for private usage when refreshing from Business Tax to Personal Tax

Created Date

16th April 2020

Product

IRIS Personal Tax

Problem

Not picking up Capital Allowance for private usage when refreshing from Business Tax to Personal Tax. This issue is relating to a Sole Trader. The Trade Computation in Business Tax is showing correctly. However, Personal Tax does not take into consideration the private use of an asset.

Resolution

This was an issue in Version 20.1.0. It has now been fixed in Version 20.1.5, which is available for download as of 20/05/2020.

Please click in this link to download the latest version of software: – https://www.iris.co.uk/support/iris-accountancy-suite-support/as-downloads/

If you cannot download Version 20.1.5, please do the following to resolve your issue: –

• Go to Personal Tax for your client
• Go to Trades, Profession or Vocation
• Select – Sole Trade or Partnership
• Double click on the Accounting Period
• Select Capital Allowances Tab along the top of this window
• Manually make the adjustments in this section to get the correct Capital Allowances and Net Profit/Loss figure.