Personal Tax- How to add a new Sole Trade/Partnership business?

personal-tax-how-to-add-a-new-sole-trade-business

Personal Tax- How to add a new Sole Trade/Partnership business?

6th December 2022

IRIS Personal Tax- How to add a new Sole Trade OR Partnership business? Also applies in Business Tax on adding a new person to a sole trader etc

To add a Sole Trade or Partnership please do the following:

1.Select Trade, Profession or Vocation – Sole Trade or Partnership

2. Click ‘New’ (In the middle of the screen)

3. Select the ‘Trades’ OR if ‘Partnerships’ tab

4. Click the New button- on the next screen, click the Spyglass next to “Trading as”

5. The Client browser screen will load, go to the TOP RIGHT there is a greyed out ‘+’ sign, now click this + symbol (example below is circled in red). (If there is no + sign then look at bottom or right side for add/new option, this only appears on older version of IRIS)

If you cant see a + symbol then it may look like this: Click NEW

Select ‘Create a new client’

6. On the Adding new client screen, choose ‘Business’ and enter the details of the Sole Trade Or Partnership etc and give it a unique ID code. Once saved the code, the client browser screen will load up, now find the Trade you just created and click on it and click ‘select’, it will load this trade in etc.

7. If a new Partnership then there must be 2+ related partners link to this business or it appears as a Sole Trade (newly created ones are linked to the one client you are working on, thus initially showing as a Sole Trader). Highlight the new business and double click it, Related and Involvements , in the Partners tab click New , in the Partner field click the mag glass, now find the other partner to add to this business. If you do not have the details of the other partner (eg your not their accountant etc) then create a fake partner name and add it to the list. Once created now select this fake client so it can be used as the 2nd partner. Once set up , the sole trade will now change to partnership.

8. If you are not the accountant for the ‘Partnership business’ itself then you can still create a new fake partnership and give it a relevant name so you know this can be used for other similar situations.  There is no function to create a NON CLIENT Partner or Partnership business in PT.