Personal Tax- 2025 Partnership Interest incorrectly apportioned by days 360/365 on Tax return
Article ID
personal-tax-2025-partnership-interest-incorrectlyapportionedbydays-on-tax-return
Article Name
Personal Tax- 2025 Partnership Interest incorrectly apportioned by days 360/365 on Tax return
Created Date
18th June 2025
Problem
IRIS Personal Tax- 2025 Partnership Interest incorrectly apportioned by days 360/365 on Tax return
Resolution
The Partnership share of Interest/Savings is incorrect in the partnership SA100. The software has calculated an unexpected apportionment of dates eg 360/365 and removing a set number of days Interest, this shows as a value in the Adjustments to Savings Box 29 FP3 and affects the final value in Box 30 with a reduction.
This has been confirmed as a DEFECT which can affect IRIS versions 25.1.3 and 25.1.4.42. This is fixed in the IRIS version 25.2.0. If the data is originally from BT and still incorrect in PT then go to BT and refresh the data to PT and then check PT again.
Our apologies for the inconvenience.
If you are on you 25.2.0 and still getting 360/365 days but the Interest/Savings values are corrected then read this KB for a manual fix.
If you are on IRIS version 25.2.0 and the Interest/Savings values is still not correct but its not apportioning it by 360/365- eg Trade income on the Tax comp is not including he correct Interest Income. Run the Schedules of data – it should show the correct Interest/Savings value. Now change year to 2024, open the 2024 period(s) (check all relevant periods in the 2024 year)- Is there a OVERLAP PROFIT entry with days and values and is it being used against income? If yes then our Development team has confirmed this is a DEFECT and to use this workaround below. The fix is planned at a later date.
- Go back to 2024 year
- Open the period(s) related to the 2024 year. Trade Profession or Vocation I Trading Income tab, note down all the values and then Manually delete 1) the days/values entered in the Overlap profit field AND 2) the Other Income Overlap profit used backing screen (you need to click on the magnifying glass) and Save.
- Change year to 2025 and run the tax comp and SA100 and it will be corrected – when ready then submit to HMRC
- Go back to 2024 year- add back the deleted Overlap days/profits and Overlap used.
- Keep a note this 2025 was submitted without the overlap entries to get around this defect.
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