 |
 |
|
|
Business Tax transfers the data for accounting periods to Personal Tax where the data is used to complete the self employment pages of the return. To run the transfer select Trades, Refresh Personal Tax / Trust Tax for Proprietor.
Practices can restrict the users who can refresh Personal Tax by amending the users' privileges. The default setting on issue will be for all users to have the privilege as this matches the current level of security. These privileges can be changed through Setup, Staff Maintenance.
Where a final return for a client has been prepared in Personal Tax users will be warned that this is the case and asked if they want to continue when they refresh Personal Tax.
The settings used to determine whether a return is final are in Personal Tax located under Administration, Edit Tax Return Dates. Business Tax will look at the date the latest return was produced to see if they are final.
The details for the period currently selected are transferred to Personal Tax and the return including the self employment pages are generated from the Personal Tax module.
Make sure you have selected the correct accounting period and tax year and then run the transfer. The data will be transferred to the correct tax year in Personal Tax and time apportioned where applicable.
For new trades whose first accounting period straddles 5 April the first set of accounts is used in two tax years. When you run the transfer to Personal Tax select the accounting period and the earlier of the tax years. Business Tax will transfer the data to Personal Tax. In turn Personal Tax will realize this is a new business and should:
time apportion the profit from the start date to the 5 April for the first tax year;
use the profit for the full accounting period and calculate the overlap in the second tax year.
The details for the period(s) covering the transition period are transferred to Personal Tax separately. Personal Tax carries out the averaging needed to compute the tax liability and prints the return.
If you see this message when you use the refresh option it indicates the trader name is not set in Accounts Production so Business Tax does not know to which person in Personal Tax to transfer the data.
To set the trader name use the following procedure:
Go into Accounts Production and select your client. Select Edit followed by Proprietor.
Select New and then click on the magnifying glass next to proprietor.
If the proprietor is the listed then select them. If not, set up new proprietors details.
If the person has already been set up in Personal Tax be sure to use the same identifier in Accounts Production. You can use the magnifying glass and then click List all to look at a list of existing identifiers/people.
If the traders details are already set up select Dates as trader. Check that the start and end dates are correct and amend if necessary.
Once you have saved the changes go back to Business Tax to try the refresh again.
The Inland Revenue stipulates that certain boxes on the trading pages of the partnership return and self employment pages cannot be negative. Business Tax now checks for prohibited negative values and, where such a value is detected:
Includes a warning next to that box number of the self assessment details report.
Where a partnership return or internet return is being printed, a warning is displayed informing the user which boxes should be amended.
If the client is a sole trader and the user attempts to refresh Personal Tax, a warning refers the user to the Self Assessment Details report and the action will not take place.
The boxes that shouldn't contain negative numbers are listed below:
P+L Box Numbers |
Balance Sheet Box Numbers |
3.29 |
3.100 |
3.31 |
3.101 |
3.32 |
3.102 |
3.33 |
3.104 |
3.36 |
3.106 |
3.37 |
3.108 |
3.38 |
3.113 |
3.39 |
|
3.40 |
|
3.48 |
|
3.50 |
|
3.51 |
|
3.54 |
|
3.55 |
|
3.56 |
|
3.57 |
|
3.58 |
|
3.71 |
|