Business Tax: Partnership Turnover (3.24/3.23) multiply by 356 days must be less than £85,000 (£15,000,000)
Article ID
ias-12688
Article Name
Business Tax: Partnership Turnover (3.24/3.23) multiply by 356 days must be less than £85,000 (£15,000,000)
Created Date
15th January 2018
Product
IRIS Business Tax
Problem
Business Tax: When generating a client's partnership tax return in Electronic Tax Return, the following message will appear: HMRC Validation: Turnover (3.24/3.23) multiply by 356 days must be less than £85,000
Resolution
This is a HMRC restriction. You will get the error: Turnover ([3.24] – [3.23]) multiplied by days in return year (365 or 366) divided by days in period which begins in [3.4] and ends in [3.5] must be less than [£85,000] or greater than [£15,000,000]. Please check.
They require a full Partnership Tax return. Please do the following to resolve this issue in Business Tax: –
– Go to Trades in the top left hand corner
– Partnerships
– Overwrite / Leave Alone
– Click on No – Leave alone
– Click on OK
– Go to the Data Entry folders located along the left side of the screen.
– Trading And Professional Income
– Business Details
– Tick “Use full return even if turnover is < £85K”
– Click on OK
Once all the above is completed and the figures are correct on the Partnership Tax return and Trade computation. You will need to regenerate the Partnership Tax return.
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