Overriding profit allocation for partners within Personal Tax
Article ID
kas-0005
Article Name
Overriding profit allocation for partners within Personal Tax
Created Date
2nd January 2021
Product
IRIS Keytime, IRIS Keytime Personal Tax
Problem
If the profit/loss was not split proportionately between the partners
Resolution
Keytime Personal Tax automatically calculates the profit/loss allocation between each of the partners on pages 6 and 7 of the partnership tax return (SA800).
In some circumstances (e.g. if the profit/loss was not split proportionately between the partners) you may wish to override these amounts.
To override profit allocations within a partnership tax return:
1. Open the partnership tax return
2. Click the Client button
3. Open the Partners tab
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4. In turn repeat the following process for each of the partners that you wish to make adjustments for:
– a) Highlight the partner in the left hand column
– b) Click Edit
– c) Tick the Override profit allocation box
– d) Click Save
5. Click Next
6. Click Finish
7. Choose No when prompted to refresh the partners’ details
8. Make the required changes to the individual partners’ amounts on pages 6 and 7
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