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Property Address - enter the address of the property of click on the magnifying glass to insert the clients address.
Dates - these may be left blank, if filled in the date acquired is for information purposes only, the date disposed of must be within the current year and will prevent the record being brought forward to the following tax year.
Number of properties - this should only be completed if the data entered relates to more than one property. The number entered on this screen will be added to any other properties entered for this client and the total will be printed in box FOR14 on page F4.
Furnished holiday let - must be ticked if the property was a furnished let abroad. 10% wear and tear allowance cannot be claimed on furnished holiday lets. For the 2010 tax year if the property was a furnished holiday let and it was situated in an EEA country, any losses can be treated as UK FHL losses and be offset against other income. IRIS will automatically complete the UK land and property pages in these circumstances. The furnished holiday let rules are due to be repealed from 2011 onwards, so this is only applicable to the 2010 tax year.
Claim 10% wear and tear allowance - enter Y to claim this allowance, this will be calculated automatically by IRIS based in the income after the deduction of type one expenses. The allowance appears in box 23.
Claim Tax Credit Relief (Y/N) - enter Y in the claim tax credit relief field to obtain a tax credit, in the computation, for the foreign tax paid click here or more details of this type of relief.
Losses brought forward - will be inserted automatically by the bring forward routines provided that a final tax return or tax computation has been ran in the previous year prior to performing the bring forward routine.
Joint Income - click here for more information.
Totals,
This property - this section shows a summary of the income and expenses from the selected property. It does not take account of disallowed expenses for non-commercial lettings but will include the 10% wear and tear allowance, if applicable.
All properties- this section shows a summary of the total income and expenses from all properties. It does not take account of losses or make restrictions for expenses from non-commercial lettings. Check the tax return for the proper results.
