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.
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