S455 tax calculated because the loan balance brought forward is ignored

Article ID

ias-12314

Article Name

Created Date

13th September 2016

Product

IRIS Business Tax

Problem

Business Tax is not taking into account loans brought forward when pulling through directors loans and therefore is showing the balance as outstanding and incorrectly calculating s455 tax.

Resolution

Unfortunately, this was confirmed as a bug within the software in version 16.2.0 and was fixed in version 16.3.0 (the October 2016 release). Workaround: 1) Select Data Entry & Loans to Participators 2) Select cell New Loans Oustanding 3) Tick the Override box & remove the figure 4) Click on Update Totals and then OK to close the screen

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