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The same data entry screens are used for bank, building society and other lenders.
Before entering the account details, the bank, building society or other lender name must be selected. If there is already a name entered for the client, a list will be presented. Select a name from the list and hit <Enter> or press <Ins> to enter details of a new name [and address] before entering the loan details.
UK bank - click the magnifying glass to select an account.
LOAN, Account number - this is for information purposes only and may be left blank.
Under MIRAS (Y/N) - do not enter details of MIRAS loans as they do not need to be put in the tax return, leave this set to N.
Dates - date taken out is for information purposes only. If the date paid off is entered, IRIS will prompt for the address of the property. The presence of a date will prevent the information being rolled forward to he next tax year.
Purpose Type - click the magnifying glass to select from the following list of options.
|
Type |
Loan Purpose |
|
0 |
Unspecified |
|
1 |
Buy ordinary shares in close company |
|
2 |
Lend money to close company |
|
3 |
Buy interest in partnership |
|
4 |
Provide capital for partnership |
|
5 |
Provide loan for partnership |
|
6 |
Buy plant & machinery used by business |
|
7 |
Buy plant & machinery (type 7 is merged into type 6 from 2003 onwards) |
|
8 |
Buy life annuity: main residence secured |
Loans for purchase or improvement of let property should be entered as expenses against the property and not in this section.
Description - this will be completed automatically by IRIS based in the purpose selected above, a manual entry may also be made.
INTEREST PAID - enter the gross interest paid. If it is a joint loan, enter the person's share of the interest.
OWING at tax year - Start and End this is for information purposes only, enter the amount of the loan outstanding at the stare and end of the tax year, if held jointly it is recommended to enter the total amount not just the clients share.
Loans for purchase or improvement of let property should be set against property income as an expense and not entered here.
