Personal Tax- Period Reform 2024: Transitional profits are calculated when income is under Personal Allowance
Article ID
personal-tax-period-reform-2024-transitional-profits-are-calculated-when-income-is-under-personal-allowance
Article Name
Personal Tax- Period Reform 2024: Transitional profits are calculated when income is under Personal Allowance
Created Date
25th July 2024
Product
Problem
IRIS Personal Tax - Transitional profits are being calculated when income is under Personal Allowance
Resolution
The total profit for the extended period is Calculating a tax liability on the transitional part of the profits, even though the client’s profits are below his personal allowance and he should have a nil liability.
This has been confirmed as a DEFECT within the software IRIS Version 24.1.9.2 and fixed in the August Version 24.2 which is currently available.
Unfortunately, there is no work around available so our apologies on this.
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