Trade profession

This screen is accessed via the Data Input tab within the tax return. Where multiple trades or professions are included these need to be entered separately. IRIS Elements Tax and Accounts will create additional pages as required.

Partnership trade / profession

  • Name of business - enter the name of the business.

  • Description of partnership trade or profession - enter a brief description of the trade or profession

  • Date of commencement - enter the date the business commenced if in the current tax year.

  • Date ceased - enter the date the business ceased trading if in the current tax year.

  • Business registered for VAT? - tick the box if the company is registered for VAT

  • Profit or loss is provisional? - tick the box if any provisional income or expenses are included in the profit or loss figure

  • Is any disguised remuneration included in income? (applies to tax year prior to 2021/22) - tick the box if any disguised remuneration is included in income.

Accounting period

  • Start of period - enter the start date of the accounting period.

  • End of period - enter the end date of the accounting period.

  • Account details are not required

  • Accounts do not cover period from last accounting date

  • Change of accounting date - tick the box if the accounting date has changed. For additional information refer to HMRC HS222.

  • Second or further change - tick this box if this is the second or further change in the partnership’s accounting date since April 2009.

  • Do figures include VAT? - tick the box if the figures include VAT, this is typically the case where a partnership that is registered for VAT is using the cash basis.

  • Is this trade using the cash basis? - tick the box if the accounting is done on a cash basis. You cannot claim capital allowances if you’re using cash basis, the only exception is cars.

  • Complete page 4 of SA800 even when turnover is below £ 85 000? - tick the box if you require entries to be made on page 4.

Income and expenses

Use the following fields to enter the values for the income and expenses, next to each field is a box to be completed if there are any expenses that are disallowed expenses to be added back into the net taxable profit / (allowable loss) value. See HMRC guide for a list of disallowable expenses.

  • Turnover

  • Cost of sales

  • Construction industry subcontractor costs

  • Other direct costs

  • Gross profit / (loss)

  • Other income / profits

  • Employee costs

  • Premises costs

  • Repairs

  • General administrative expenses

  • Motor expenses

  • Travel and subsistence

  • Advertising, promotional and entertainment

  • Legal and professional costs

  • Bad debts

  • Interest and alternative finance payments

  • Other finance charges

  • Depreciation and loss/(profit) on sale

  • Other expenses including partnership charges

  • Total expenses - IRIS Elements Tax and Accounts shows the sum of all the expenses added, and the sum of the disallowed expenses

  • Net profit / (loss) - IRIS Elements Tax and Accounts shows the difference between the income and expenses

Capital allowances

You can enter the values manually here, alternatively you can use the Capital Allowances tab.

  • Annual Investment Allowance

  • Zero-emission goods vehicle allowance

  • Capital allowances at 18%

  • Capital allowances at 6%

  • Zero-emission car allowances - (included from 2022)

  • Electric charge-point allowance - (included from 2022)

  • Freeport Structures And Buildings Allowance - (included from 2022)

  • 100% and other enhanced capital allowances

  • Total capital allowances

Adjustments, tax and charges

Enter any adjustments that need to be included in the return. See HMRC guide for further information.

  • Goods etc. taken for personal use and other adjustments

  • Total additions

  • Deductions from profit

  • Total deductions

  • Net taxable profit/(allowable loss)

  • Adjustment on change of basis

  • Construction industry deductions from contractors

  • Tax taken off trading income

  • Net partnership charges for tax year

Balance sheet

If the partnership’s accounts include a balance sheet , enter the values into the following boxes, if the partnership does not have a balance sheet leave these fields blank.

  • Plant, machinery and motor vehicles

  • Other fixed assets (premises, goodwill, investments etc.

  • Stock and work in progress

  • Debtors/ prepayments/ other current assets

  • Bank/building society balances

  • Cash in hand

  • Total assets

  • Trade creditors / accruals

  • Loans & overdrawn bank accounts

  • Other liabilities

  • Total liabilities

  • Net business assets

  • Balance at start of period

  • Net profit or loss

  • Capital introduced

  • Drawings

  • Balance at end of period

Additional text note for Tax return

Enter any additional notes that are to be included in the white space on the tax return.