Knowledge Base Articles

personal-tax-use-trade-loss-against-capital-gain-cg3-box-46

Personal Tax- Use Trade loss against capital gain (CG3 box 46)

If there is a trade loss and you want to use that against a Capital gain. If a Sole trade loss Run the Trade comp…

personal-business-tax-shareholdings-how-to-add-decimal-entries

Personal/Business Tax- Shareholdings, how to add decimal entries?

IRIS PT and BT may block shareholding values with decimal entries with a warning (for Example share entry of 1.11). PT workaround (two options) Enter…

personal-tax-capital-disposal-with-private-resident-relief-ppr-missing-from-tax-comp-how-to-restrict-loss

Personal Tax- Capital Disposal with Private resident relief (PPR) missing from Tax comp, how to restrict loss?

HMRC Restriction – In Personal Tax you cannot claim any type of relief against a capital loss (For example: The PPR relief will not be…

personal-tax-period-reform-2024-partnership-income-has-incorrect-adjustment-apportionment

Personal Tax- Period Reform 2024: Partnership income has incorrect adjustment/apportionment

The system is currently time apportioning (for a longer/extended period) for Partnership income (for example UK interest and Property income) and only taxing by a…

fixed-asset-register-is-not-depreciating-correctly

Fixed Asset Register is not depreciating correctly

IRIS Fixed Asset Register is calculating the depreciation on the Cost figure instead of the net book value. Please read this article on the rules…

personal-tax-period-reform-2024-transitional-profits-are-calculated-when-income-is-under-personal-allowance

Personal Tax- Period Reform 2024: Transitional profits are calculated when income is under Personal Allowance

The total profit for the extended period is Calculating a tax liability on the transitional part of the profits, even though the client’s profits are…

personal-tax-share-of-partnership-trading-profits-sa104s-is-greater-then-zero-8223

IAS-21251 Personal Tax- Share of Partnership Trading/profits, SA104S is greater then zero/negative + 3001 8223

If you have a Partnership entry for the period and get the error which normally means the values are not adding to the expected results:…

personal-tax-basis-period-reform-2024-how-to-make-an-election-to-bring-in-all-of-the-profits-to-the-current-tax-year-and-not-spread-the-tax-over-5-years

Personal Tax- Period Reform 2024: Make election to bring in all profits to current tax year and not spread tax over 5 years + OPT OUT

Please do the following to resolve your issue: - Go to Personal Tax and load the client Income Tab | Trade Profession or Vocation |…

personal-tax-basis-period-reform-2024-the-schedules-of-data-is-showing-the-incorrect-taxable-profit-for-transitional-periods

Personal Tax- Period Reform 2024: Schedules of Data showing Incorrect Taxable profit for Transitional Periods

The schedules of Data in IRIS Personal Tax is currently showing the incorrect taxable profits for transitional periods. This has been confirmed as a DEFECT within the…

personal-tax-period-reform-2024-business-starts-within-2024-tax-year-but-transitional-period-is-being-calculated

Personal Tax- Period Reform 2024: Business starts within 2024 tax year but transitional period is being calculated

IRIS Personal Tax is currently is creating a Transition Period for new business (also if they have Trade commence date in 2023/2024) which is incorrect.…

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