Business/Personal Tax- Partnership Residential Finance Costs Not Being Transferred into PT
Article ID
partnership-residential-finance-costs-not-being-transferred-from-business-tax-to-personal-tax
Article Name
Business/Personal Tax- Partnership Residential Finance Costs Not Being Transferred into PT
Created Date
5th October 2020
Product
IRIS Business Tax – AiB, IRIS Personal Tax
Problem
Business/Personal Tax- Partnership Residential Finance Costs Not Being Transferred into PT. Boxes 3.42 and 3.66
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
In Business Tax, How to populate boxes 3.42 and 3.66? Trades – Partnership – Overwrite or Leave alone – Set it to No. Then go to Trading and Prof income – Income and expenses – Expenses and cost – remove the amount from Other finance charges and enter in ‘Interest’ instead and now check 3.42 and 3.66 boxes.
We are sorry you did not find this KB article helpful. Please use the box below to let us know how we can improve it.
