Working with sole trade businesses in Elements

In Taxfiler, you'll be used to creating Individual client types for sole trade clients.

Elements also has Individual client types, but sole trade records are recorded as a Business client type with a linked Individual.

Why does it work like this in Elements?

Client records in IRIS Elements are designed to be flexible. One person may have multiple business interests, so it's important that they can be linked to multiple records in the platform.

For example, one of your clients might be:

• the director of a limited company

• a proprietor of two different sole trade businesses

• the beneficiary of a trust

Having an individual client record that can be linked to multiple business or trust records creates this flexibility.

For more information, read about how relationships work in IRIS Elements.

My subscription is based on number of clients. Will multiple client records cost me more?

No. Creating multiple record types for one client will not use up the client total for your subscription.

How do I create tax returns for sole trade clients in Elements?

Personal tax returns can be created from the Dashboard tab of either the individual or sole trade client records.

Find out more about the tax return process in IRIS Elements.

How to I create a set of accounts for sole trade clients in Elements?

You can create a set of accounts from the Dashboard tab of the sole trade client record.

Find out how to produce accounts in IRIS Elements.