Client Account Types

There are 18 types of client account entry. Click on the link below for more detail. Alternatively, click on the Show All button

to show all detail, and then the Hide All button to return back to the reduced text

view.

• PDUE Payment DueClick again to close:
  The Corporation Tax Payment due is normally due by nine months and one day after the end of your accounting period.
  IRIS will insert a PDUE posting when a final tax return or computation is generated. The amount will be the same as the figure in box 92 of the CT600.
  The final tax return or computation should be regenerated if associated account entries have been edited as this may affect the balancing payment.
  
  
• IOA1 1st instalment on account dueClick again to close:
  If your company’s profits for an accounting period are at an annual rate of more than £1.5 million, you must normally pay your Corporation Tax for that period in instalments.
  Instalment on account (IOA1, IOA2, IOA3 and IO4) postings can either be calculated and updated from the Quarterly Instalment Payments calculator or manually entered into the client account.
  Where an Instalment on account posting is selected, the Quarterly Instalment Payments option within the Indicators data screen will be checked automatically. In order to un-check the box, the Instalment on account postings must be deleted from the client account.
  Where a final tax return or final computation is generated a Balancing payment due posting will be inserted automatically into the client account.
  
  
• IOA2 2nd instalment on account dueClick again to close:
  Enter the 2nd instalment on account due manually or this entry can be updated from the Quarterly Instalment Payments calculator.
  
  
• IOA3 3rd instalment on account dueClick again to close:
  Enter the 3rd instalment on account due manually or this entry can be updated from the Quarterly Instalment Payments calculator.
  
  
• IOA4  4th instalment on account dueClick again to close
  Enter the 4th instalment on account due manually or this entry can be updated from the Quarterly Instalment Payments calculator.
  
  
• RFT Ring fence tax instalment dueClick again to close
  If your company is liable for Corporation Tax and supplementary charge on profits from ring fence activities, separate instalments for the Corporation Tax and supplementary charge on you ring fence profits must be made. The Quarterly Instalment Payments calculator will determine if instalment payments are required for both Corporation Tax as well as Ring fence tax.
  If the Ring fence tax instalment due date is different to the IOA due date a RFT posting will be required.
  
  
• BAL Balancing payment dueClick again to close
  The balancing payment (BAL) is inserted automatically on the client account when a final tax return or final computation is generated for a client that is making instalment payments.
  The balancing payment due is calculated as: Tax Liability – ((IOA1 – PAID1) - (IOA2 – PAID2)-(IOA3 – PAID3)-(IOA4 – PAID4))
  An overpayment is inserted as a BCR entry.
  
  
• PAID Payment madeClick again to close
  Payments made (PAID) by the client must be entered to clear the balance outstanding on the account. If the payment entered is after the due date, interest will accrue. The payment must be matched with the appropriate debt.
  
  
• ADJ+ HMRC adjustment DRClick again to close
  It is rare for a positive HMRC adjustment (ADJ+) to be used. It may be appropriate to insert an adjustment where HMRC make revisions but this can also be covered by altering the balancing payment due.
   
• ADJ+ HMRC adjustment CRClick again to close
  A negative HMRC adjustment (ADJ-) will normally be used to show a reduction to the Payment due (PDUE).
   
• PENA PenaltyClick again to close
  Use the penalty (PENA) to insert the £100 fine for late submission of the return.
  
  
• MDR Miscellaneous DRClick again to close
  The miscellaneous debit (MDR) may be used to add any other liability not suited to any other description available.
  
  
• OBAL Opening balanceClick again to close
  An opening balance (OBAL) may be used to insert an opening debit or credit on the account for outstanding amounts.
  
  
• RPAY HMRC repaymentClick again to close
  A HMRC repayment (RPAY) is used to obtain a refund for a negative balancing payment or for a refund of overpaid payments.
  
  
• INT Interest dueClick again to close
  The interest due (INT) is the interest changed by HMRC on late payment of tax due. Use this to enter the interest paid.
   
• RS Repayment supplementClick again to close
  Repayment supplement (RS) is the interest paid by HMRC to the client for overpaid tax.
   
• BCR Overpaid balanceClick again to close
  An overpaid balance (BCR) is the opposite of a BAL entry.
   
• MCR Miscellaneous CRClick again to close
  A miscellaneous credit (MCR) should be used where a credit is placed on the account by HMRC.