Personal Tax- Jointly held Property is not transferring to partner

ias-12585

Personal Tax- Jointly held Property is not transferring to partner

3rd October 2017

IRIS Personal Tax

IRIS Personal Tax- Jointly held Property income is not appearing on one of the partners returns for UK and Foreign

The steps below applies to two partners. If you have three or more partners then you need to apply steps 5, 8 and 10 to each partner

If you have MULTIPLE properties which have shared income etc then first need to ID which property(s) data is missing and run the steps below

This is used for UK Property and Foreign property.

1.Go to the main partners accounts (the main one we shall name ‘partner1’ who’s still showing the income) and select the correct year.

2. Go to the persons UK property screen and click on the property

3. Click the Joint income magnifying glass

4. You should see both people listed at their current % rates

5. Change the % figures  so its 100% for the partner1 and 0% for partner2. Then delete the partner2  from that list. Click OK

6. Untick the box: Property let jointly. Click OK

7. Run a tax computation for partner1 – check he’s getting the 100% of the income

8. Go back to the property- re-tick Property let jointly and  add back partner2 to the list and split it by their % rates.

9. Run a tax computation for the partner1 – check he’s getting the correct % of the income

10. Now open partner2 account and check if he is getting the correct % of the income now

If the steps do not work then a workaround is to break/delete the join (step 5 and 6), then load the affected client and enter the property manually and their share of income/expenses.

If a property is being duplicated OR still showing when it ended/ceased in previous year and not planned to come back – load the year where it keeps showing then delete it (It will not delete all prior years data of that deleted property). If deleting one also automatically deletes the 2nd one as well: select one of the duplicates, open it, untick the joint property and then open the % screen- remove the set % and change to 0% to all clients and then delete all other clients as well. Now delete this one property which you made the change and say yes to the warnings and it will only delete the one you edited. Warning: If you delete the properties and then use the bring forward data function , it may cause the duplication again, so if this happens just create the properties again in the relevant year (don’t use the bring forward).

If UK/Foreign Expenses are missing from 1 or all partners: https://www.iris.co.uk/support/knowledgebase/kb/personal-tax-property-expenses-missing-from-schedules-of-data/