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Home | Knowledge Base Articles | Personal Tax- Period Reform 2024: Transitional profits are calculated when income is under Personal Allowance

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Personal Tax- Period Reform 2024: Transitional profits are calculated when income is under Personal Allowance

Article ID

personal-tax-period-reform-2024-transitional-profits-are-calculated-when-income-is-under-personal-allowance

Article Name

Personal Tax- Period Reform 2024: Transitional profits are calculated when income is under Personal Allowance

Created Date

25th July 2024

Product

Problem

IRIS Personal Tax - Transitional profits are being calculated when income is under Personal Allowance

Resolution

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 below his personal allowance and he should have a nil liability.

This has been confirmed as a DEFECT within the software IRIS Version 24.1.9.2/24.2.0, and will be fixed in the Autumn release Version 24.3.

Unfortunately, there is no work around available so our apologies on this.

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