IRIS Business Tax - Property Income

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How do I enter a wear and tear allowance?


Select Posting followed by Property expenses and select the posting entry.

Insert a new posting and choose make a specific posting.

Enter the description and the amount, if it is a long accounting period you should also enter the date so the posting can be applied to the correct CTAP.

Wear and tear will not usually be included in the accounts so leave the Schedule D I field deselected.  

The rental income in the accounts is not posted to the default IRIS rental account, can Business Tax cope with this?


For client specific changes select Edit | Business Tax Accounts

Select Rents received and insert the account to which you have posted the Property income.

This account will be deducted in the Trade calculation and included in the Property Income calculation.
 
For a global change select Setup | Business Tax Accounts and click OK to the chart. Remove the account code from Rents received.

The rental income is being deducted within the Trade calculation but is not included in the Property income.


Go into the posting entry in Accounts Production and check the dates on the postings on the rental income account.
 
If the date is outside the accounting period Business Tax thinks the rental income is not to be taxed in this year.

Change the date on the posting.

I have a long period of account and all the rental income is being included within the second CTAP.


All Business Tax Postings will be time apportioned between CTAPS unless the user indicates that the posting date should be used to allocate the value to a specific CTAP (except for Charges and Interest received net postings).

This was incorporated in Version 8.8.9.