Personal Tax- Period Reform 2024: Capital allowances and Balancing Charge are not being deducted from the profit/loss transitional part
Article ID
personal-tax-period-reform-2024-capital-allowances-are-not-being-deduced-from-the-profit-loss-transitional-part
Article Name
Personal Tax- Period Reform 2024: Capital allowances and Balancing Charge are not being deducted from the profit/loss transitional part
Created Date
3rd July 2024
Product
Problem
IRIS Personal Tax- Capital allowances are not being deduced from the profit/loss transitional part on the trade computation
Resolution
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 the tax computation and self-assessment return. This is also causing an incorrect calculation on class NIC4.
This has been confirmed as a DEFECT within the software IRIS Version 24.1.9.2, and fixed with the August Version 24.2 which is currently available.
Unfortunately, there is no work around available so our apologies on this.
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