How to set up a standalone limited company in Business Tax

Introduction

This topic explains how to set up a limited company.

1. From the main menu, log into Business Tax.

2. Click Client then New.

3. If the New option is not available, click Select followed by New.

3. Click Next to create a new client to be added to the IRIS database.

4. Enter the business details such as the Business name, Type of business (Limited company), Address, Trading dates and so on, the click Next.

5. Ensure you have selected all options that apply such as, Client group, Partner responsible, Client manager and SIC code, then click Next.

6. Click Finish. Enter a Client identifier and click OK.

7. If the following message displays, click OK.

8. When prompted, click Yes to create a new posting file.

9. Enter a Description for the new posting entry.

10. Click the magnifying glass next to the Account period end date.

11. Enter the New year-end date and click OK.

12. Click OK and then click the magnifying glass next to the Previous account period end date.

13. There are two options here:

If this is the first period of trading for the client click Trade Date.

If this is not the first period of trading and there was a previous account period end date, then click Enter Date and follow steps 10 and 11.

• If Enter Date is selected, this date will display in the Previous account period end date field. If you have selected Trade Date, the Previous account period end date field will remain blank.

14. Click OK to load the client.  As this is a new client, no Posting entries will exist click Yes to make one.

15. Enter a description for the new Business Tax posting file entry and click OK.

• You do not have to enter a description but it is a good idea to enter a description incorporating your period end date.

16. Click OK.

17. Click Edit, then click Update Profits and when prompted click Yes at the warning message.
    
18. Enter the total turnover and expenses and click OK. This will drive the ‘Profit per financial statements’ figure on the Corporation Tax computation.

• Entries in this screen should be made only once.

18. Click Edit and then Posting to make further adjustments to the Corporation Tax computation.

19. Use the Data Entry menu options to make any further adjustments.