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Personal Tax- Self employment OR Income Tax relief shows on SmartTax but not on Tax comp

Article ID

personal-tax-self-employment-shows-on-smarttax-but-not-on-tax-comp

Article Name

Personal Tax- Self employment OR Income Tax relief shows on SmartTax but not on Tax comp

Created Date

18th August 2022

Product

Problem

IRIS Personal Tax- Self employment OR Income Tax relief shows on SmartTax but not on Tax comp

Resolution

If a Self employment: Make sure there is no cessation date for the sole trade business or a TO date for the trader- remove these dates as they omit the value showing on the tax comp.

This has been reported onto our Development team that Smarttax will still pick up income data when the business has actually ceased.

If a Income Tax relief: Go to Dividends, Capital Assets, Edit, Losses and Other info, check if you have a Share loss relief this year entry (eg £999) – this is triggering the relief on the Smarttax BUT there is NO SEISS/EIS loss entry anywhere under ‘shareholdings’ or ‘Other capital gains’ which is why its not showing on the tax comp. You have 2 options:

  1. Remove the Share loss entry under Losses and Other info and add it as an additional note.
  2. Create an actual Share/OCG loss entry with correct dates so it corresponds to the Share loss entry under Losses and Other info.
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