Business Tax- If the type of company is 0 then an applicable tax rate from one of [FULL RATE OF CT], [SMALL CO RATE OF CT], [EQUIV. LOW CT RATE], [FULL RF RATE OF CT], [RF SMALL CO RATE OF CT] or [CT RATE FOR NI TRADING PROFITS] must be used for the second financial year
Article ID
business-tax-if-the-type-of-company-is-0-then-an-applicable-tax-rate-from-one-of-full-rate-of-ct-small-co-rate-of-ct-equiv-low-ct-rate-full-rf-rate-of-ct-rf-small-co-rate-of-ct-or-ct
Article Name
Business Tax- If the type of company is 0 then an applicable tax rate from one of [FULL RATE OF CT], [SMALL CO RATE OF CT], [EQUIV. LOW CT RATE], [FULL RF RATE OF CT], [RF SMALL CO RATE OF CT] or [CT RATE FOR NI TRADING PROFITS] must be used for the second financial year
Created Date
10th May 2023
Product
Problem
IRIS Business Tax- If the type of company is 0 then an applicable tax rate from one of [FULL RATE OF CT], [SMALL CO RATE OF CT], [EQUIV. LOW CT RATE], [FULL RF RATE OF CT], [RF SMALL CO RATE OF CT] or [CT RATE FOR NI TRADING PROFITS] must be used for the second financial year
Resolution
The warning may also state ‘(UK trading or professional service)’
This is a known HMRC issue causing this error and they have now rectified the issue. Therefore, you can just ignore/bypass the message by clicking OK and submit.
If you still get the error and blocks the submission then you need to update your IRIS software (Help and About and Check for downloads) – once updated, then regenerate the return and then transmit the return.
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