Business Tax- Partnership profit share but % split is incorrect OR N2.11 must equal N1.11 etc

business-tax-partnership-profit-share-but-split-is-incorrect

Business Tax- Partnership profit share but % split is incorrect OR N2.11 must equal N1.11 etc

24th May 2024

IRIS Business Tax- Partnership profit share but % split is incorrect on the reports etc OR Partnership N2.11 must equal N1.11 etc

1.Load the client in Business tax and select relevant period:

2. If the split is incorrect between Partners- Go to: Trades-Partnerships

3. Overwrite leave alone-If this box says No Leave alone then select Yes Overwrite and press Ok.

4. Run the tax comp/return and check the figures.

5. If the comp/return figures still do not agree, please go back to Trades-Partnerships-Overwrite leave alone-Press No Leave Alone, then Trades-Partnerships-Override return Totals – Choose the period – Click the override box and amend the amounts. Now run the reports and check the values are now correct.

6. If now correct and you need to refresh this data to PT for each partner, Click Refresh PT data. Then load PT and the clients and check their partnership values. If you are already on the partner, close and restart PT so it refreshes and picks up the updated information.

If you get N2.11 must equal N1.11 etc

Go to Trades – Partnership – Overwrite/ leave alone- tick ‘no leave alone’.
Then go to Trades – Partnership – Review the shares of all the partners for any issues with their values- however if the share percentage is correct, then go to Trades-partnerships – Override return totals – values for accounting period – select the partner (go through each one)- look for any negative/incorrect figure for profit. Untick the override box to show the the correct figure and then rerun return. If a business has made a profit the partners can not be given a loss- HMRC restriction.