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FAQ - "How is a partnership changed into a sole trade or vice versa?"
FAQ - "Where is the description of business entered for SES1 box 1 and SEF1 box 2 (2007 : 3.2)?"
If the business accounts have been prepared in IRIS Accounts Production, the information for trade, profession or vocation can be transferred from Business Tax to Personal Tax. Whether or not the data is transferred, the business should be listed on the screen below. If it is not there, the link between the person and the business is not in place.
When the trade, profession or vocation option is selected from the menu, IRIS will list the client's sole trades and partnerships on the following screen. If there are no trades linked to the client, IRIS will display a screen stating 'no trades to list', followed by the new business wizard.
IRIS determines whether a business is a sole trade or a partnership partly by the business type and partly by counting partners. Businesses marked as sole traders will always be treated as such. Those marked as partnerships will be treated as sole trades where there is just one partner active in an account period and as a partnership where there are two or more partners. The list view for "Sole Trade or Partnership" will show how IRIS will treat the business. If acting for just one partner in a partnership, a dummy partner must be related to the business in order to make IRIS treat it as a partnership.
Click Edit to view the central client maintenance screens for the business. Enter the trading start and end dates, the partner's involvement start and end dates, the tax reference required on partnership returns and description of business required on self-employment pages.
Click New for the new business wizard that is used to set up a new business or to link to an existing partnership.
Refer to the Tax Guide for more information.