How to set up a Self Employment within Personal Tax

Introduction

If the client is self employed and accounts are not being prepared within the Accounts Production module, the business can be set up directly within the Personal Tax module as follows:

Setting Up a Self Employment

• Sole trades which are added to the data base via the Personal Tax module do not take up a license slot.

1. Log on to IRIS Personal Tax and select the client.

2. Click on Trade Profession or Vocation then click Sole Trade or Partnership.

3. Click New in the top half of the screen to the right.

4. Click the Trades tab then click New.

5. Click the magnifying glass to the right of the Trading as box within the Trades screen:
   
   
   

6. The Client Browser screen displays.

7. Click New within the client browser screen.

8. Enter the business details and give the business its own unique identifier.

The following warning will be generated:

9. Click OK on this message.

10. Enter the trading commencement date if known onto the Business Client Maintenance screen then click Save and Close.

11. Select the business from the client browser list and then click OK on the Trades tab.
    

12. The From and To dates boxes should not be completed for trades- these are only required for partnership businesses.

The business name will now appear within the top half of the screen, the account period end date can be added as follows:

12. Click New within the bottom half of the screen.

13. Enter the required period end date into the New year-end date box within this screen.

14. Click OK.
    
    
    

15. If the trade commenced several years in the past, It is recommended that at least one previous period end date is entered as this will help IRIS to establish what the correct basis period should be.

15. To enter income and expenses. Click on the Period end date then click OK.

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