IRIS Personal Tax - FAQ

The 0% Starting Rate is calculated by combining both the Personal Savings Allowance and the 0% Savings Allowance. More details of how these are calculated can be found here.
HMRC have approved that the IRIS tax computations can now be used in replacement of an SA302.

The clients name and UTR must be visible on the tax computation. To print a Tax Computation, select Reports | Tax Computation

If the Tax year Overview is also required, you will need to log onto the HMRC portal to access this document. To obtain a Tax Year Overview if needed, follow the steps below.

How to print a Tax Year Overview from the HMRC online account:

1. Choose the relevant client (if you are a registered customer representative).
2. Follow the link ‘Self Assessment Overview’ (if going through ‘Your Tax Account’)
3. Follow the link ‘view account’
4. Follow the link ‘tax years’
5. Select the year from the drop-down menu and click Go.
6. Follow the link ‘print your Tax Year Overview’.

Note: You must wait 72 hours after fully submitting your return until you can print your documents.
Self-Employment
1. Trade, Profession or Vocation | Sole Trade or Partnership | Load the current accounting period | Adjustments, Losses, Overlap & Tax tab – enter the loss into the Carry Back field.

2. Go to the Reliefs menu | Miscellaneous | Tax Calculation | Tax Code and Overpaid, Underpaid and Repaid Tax – enter the clients tax savings into Tax Underpaid or Overpaid from earlier years.

3. Go to Additional Information | choose SA110 and make the supporting notes here.

Partnership
1. Trade, Profession or Vocation | Sole Trade or Partnership | Load the current accounting period | On the Trading tab – enter the loss into the Carry Back field.

2. Go to the Reliefs menu | Miscellaneous | Tax Calculation | Tax Code and Overpaid, Underpaid and Repaid Tax – enter the clients tax savings into Tax Underpaid or Overpaid from earlier years.

3. Go to Additional Information | choose SA110 and make the supporting notes here.
HMRC have removed box 2 from page AI 2, therefore tax paid cannot be entered anymore.

If tax has been deducted from a share option, check with the Inspector whether an entry may be made in box 1.11 on the employment pages of the return.

The tax paid may have to be treated as a credit on the client's account.
Go to the Income menu | select Dividends | Capital Assets | select Other Capital Gains and click Add.

Enter the details here and ensure you put a negative figure into the Net Gain/(Loss) field. This will create the loss and populate box 6 on page CG 1.

If the loss should be offset against the clients other income, go back to the Capital Assets main window | click Edit | Losses & Other Information | enter the loss to be offset into the field ‘Losses used against this years income’.
Click Administration and select Client Account.
Click Insert, select OAC 1 and select the current tax year. Enter the amount that was payable.

Note: You may need to select the Cancel Interest option.

Click Administration and select Client Account.
Click Insert, select OAC 2 and select the current tax year.
Enter the amount that was payable.

Note: You may need to select the Cancel Interest option.
Go to Employment and select Expenses.

Select Expense type 10 and enter the amount deducted.
Firstly ensure you are viewing the client you wish to deactivate | then click Client and Status – say NO to the question ‘Is this person currently a client

When you now go to view the client browser screen you will notice this client is no longer appearing within the list, as the view is set to ‘Currently registered in Personal Tax’ by default.

Next to ‘Show clients registered in’, change the drop-down option to ‘Whole Practice’.

You will be able to select the client you previously deactivated and re-register them back into Personal Tax so historical data can be accessed again if ever needed.
This is due to be resolved in 18.1.1, for assistance with printing the front page.