Knowledge Base Articles

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3034 articles

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.…

personal-tax-period-reform-2024-student-loan-calculation-is-not-reflecting-the-transitional-periods

Personal Tax- Period Reform 2024: Student Loan calculation is not reflecting the Transitional Periods

IRIS Personal Tax is currently not including the Student Loan calculation in the Transitional Periods.  This has been confirmed as a DEFECT within the software…

personal-tax-uk-scottish-welsh-tax-rates

Personal Tax- UK/Scottish/Welsh Tax rates

New Scottish Rates 2024/2025? We have applied the new rates into PT in IRIS version 24.3.2 and later in December 2024. To access the rates…

iris-personal-tax-farmers-averaging-claim-for-the-transitional-period-the-calculation-is-incorrect

Personal Tax- Period Reform 2024: Farmers Averaging claim for the Transitional period the calculation is incorrect

IRIS Personal Tax is currently using the standard period profit and taking off the overlap relief and then averaging the figures. This is not correct…

personal-tax-2024-loss-is-being-carried-back-but-also-been-shown-as-carried-forward

Personal Tax- Period reform 2024 Loss is being carried back but also been shown as carried forward

In Personal Tax: If you have selected to carry back a loss for a sole trade or partnership, the loss is showing to be carried…

personal-tax-period-reform-2024-capital-allowances-are-not-being-deduced-from-the-profit-loss-transitional-part

Personal Tax- Period Reform 2024: Capital allowances and Balancing Charge are not being deducted from the profit/loss transitional part

IRIS Personal Tax is currently not deducting the capital allowances/balancing charge from the profit/loss transitional part on the trade computation, which then shows incorrect on…