Tax Computation

Make sure the correct tax year has been selected before printing the computation.

FAQ - "Why are the trading losses not appearing as deductions on the computation?"

FAQ - "A pension contribution made in the following tax year is brought back to the current tax year but no deduction appears in the computation. Why?"

The computation covers nearly all scenarios. There are some computations that IRIS cannot do these are as follows

• Opening year trading losses (s381)

• Terminal loss relief (s388)

The tax computation is a short one-page report that shows how the client's tax liability has been computed. There are some administrative report options associated with the report:

• A final computation will update the entries in the client account. Ensure a final return or computation is reproduced if adjustments are made to associated client account entries.

• The computation does not show details of the calculation of the trading profits. Use the trade computation for more information. The report shows the capital gains tax due but there is a separate report for a details CGT computation.

• To locate the source of the data on the computation, click here. The draft tax return may also be used to produce a detailed report of the items included on the tax return and therefore affecting the computation.

Click OK to continue. IRIS will present the 'Report Output' screen with choices of printer, file, wordprocessor or screen.

Refer to the Tax Guide for more information.