Personal Tax- Period Reform 2024: Capital allowances and Balancing Charge are not being deducted from the profit/loss transitional part
Article ID
personal-tax-period-reform-2024-capital-allowances-are-not-being-deduced-from-the-profit-loss-transitional-part
Article Name
Personal Tax- Period Reform 2024: Capital allowances and Balancing Charge are not being deducted from the profit/loss transitional part
Created Date
3rd July 2024
Product
Problem
IRIS Personal Tax- Capital allowances are not being deduced from the profit/loss transitional part on the trade computation
Resolution
IRIS Personal Tax is currently not deducting the capital allowances/balancing charge from the profit/loss transitional part on the trade computation, which then shows incorrect on the tax computation and self-assessment return. This is also causing an incorrect calculation on class NIC4.
This has been confirmed as a DEFECT within the software IRIS Version 24.1.9.2, and will be fixed upcoming version 24.2. Which is due to be released week commencing 29th July 2024 (subject to change).
Unfortunately, there is no work around available so our apologies on this.
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