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?

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)

1. Select the ‘Trades’ OR if ‘Partnerships’ tab – New – Spyglass next to “Trading as”- there is a greyed out ‘+’ sign at the top right hand side of the screen. (if there is no + sign then look at bottom for add/new option, this only appears on older version of IRIS)
2. On the next screen then choose ‘Business’ – Enter the details of the Sole Trade Or Partnership etc and give it a unique ID code
3. 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). 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.