Business Tax- Return shows box 3.66 exceeds the total expenses claimed. Sum of 3.46, 3.48 plus 3.64
Article ID
business-tax-return-shows-box-3-66-exceeds-the-total-expenses-claimed-sum-of-3-46-3-48-plus-3-64
Article Name
Business Tax- Return shows box 3.66 exceeds the total expenses claimed. Sum of 3.46, 3.48 plus 3.64
Created Date
17th August 2022
Product
Problem
IRIS Business Tax- Return shows box 3.66 exceeds the total expenses claimed. Sum of 3.46, 3.48 plus 3.64- happens to Partnerships and LLP
Resolution
This error usually occurs when there are negative values on the return as this is a HMRC restriction.
Please follow the steps:
1. Go to Trades | Partnerships | Overwrite/Leave Alone and change this to No – Leave Alone
2. On left hand side Trading and Professional Income | Income and Expenses
3. Double click on “Income and Profit” and “Expenses and Costs” and remove any negative figures and adjust them.
4. Balance sheet – Assets and liabilities AND Net business assets – no negatives are allowed.
If you see the negative amount in the sections, once they are removed – re-generate the return and submit.
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