Personal Tax - Interest Tax deducted does not equal 20% of the gross
Article ID
personal-tax-interest-tax-deducted-does-not-equal-20-of-the-gross
Article Name
Personal Tax - Interest Tax deducted does not equal 20% of the gross
Created Date
25th June 2024
Product
Problem
IRIS Personal Tax - Interest Tax deducted does not equal 20% of the gross
Resolution
This applies to all Interest entry where the 20% warning appears:
- Check the Interest Credited Gross entry, the 20% of it must be entered under ‘Tax Deducted’
- Check if there are also Penny entries (see below as a example), remove the penny entries and round up/down and correct all 3 boxes. The warning will not show.
- If you want to declare the penny entries – Reliefs/Misc/ Additional information and add it here with explanation
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