Partnership Residential Finance Costs Not Being Transferred From Business Tax to Personal Tax

Article ID

partnership-residential-finance-costs-not-being-transferred-from-business-tax-to-personal-tax

Article Name

Partnership Residential Finance Costs Not Being Transferred From Business Tax to Personal Tax

Created Date

5th October 2020

Product

IRIS Business Tax, IRIS Personal Tax

Problem

Partnership Residential Finance Costs Not Being Transferred From Business Tax to Personal Tax

Resolution

This issue has been investigated by the Development Team and has been confirmed as a DEFECT in IRIS. Unfortunately, there is no specific date when this will be fixed. However, a workaround had been provided below.

Please could you do the following to resolve your issue: –

• Go to Personal Tax for the client
• Go to Trade, Profession or Vocation
• Sole Trade or Partnership
• Highlight and Edit (bottom half of this window) the relevant Accounting Period
• Land and Property Tab
• Manually enter the figures in the ‘Residential finance costs’ section