Personal Tax- Farmers Averaging Partnership- Partners Values show a difference compared to other partner?

personal-tax-farmers-averaging-partnership-partners-values-show-a-difference-compared-to-other-partner

Personal Tax- Farmers Averaging Partnership- Partners Values show a difference compared to other partner?

9th January 2025

IRIS Personal Tax- Farmers Averaging Partnership- Partners Values show a difference compared to other partner?

Both partners had exactly the same tax liability and figures entered yet the farmers averaging no longer match between the two partners when they should.

This issue has been raised with the Development Software Team and has been confirmed as a DEFECT in IRIS Version 24.3.2. This issue will be FIXED in IRIS Version 25.1.0, which will be released in April 2025.

Workaround: For this example for period 2023/2024, To retain the farmers’ averaging calculation functionality to to revisit the past tax years like 2021 and 2022 and add the SEISS value to the respective ‘Share of profit for tax purposes’ field for each of the years and then remove the SEISS value from the ‘Self-Employment Income Support Scheme grant’ fields and run the 2023 farmers’ averaging calculation to ensure the expected values are present. Then go to 2024 and run the farmers’ averaging calculation, again to ensure the expected values are present (You may need to remove the farmers’ averaging claim from 2024 initially to force the refresh).
Once these actions have been completed then the original SEISS values can be restored to 2021 and 2022 tax years and the ‘Share of profit for tax purposes’ values also restore to their original state. You should be mindful not to run the farmers’ averaging calculation again until the issue is resolved.