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  • Product: Digita Personal Business and Trust Tax

Enter brought forward overlap profits for a partnership or sole trade in Personal Tax

Find out how to enter overlap profits for partnerships and sole trades if their business commencement and first accounting period dates are not the same.
If the business commencement and first accounting period dates are the same,
Personal, Business, and Trust Tax
 calculates subsequent overlap automatically, including overlap for partners who join later. If the business commencement and first accounting periods are different, then you'll need to enter the overlap profits manually.
  1. Enter or edit brought forward overlap profits for a partnership
  2. Open the partnership client in
    Personal, Business and Trust Tax
    .
  3. Select
    Edit
    , then
    Schedule Editor
     from the menu bar.
  4. Double-click
    Business Details
    .
  5. Select the
    Overlap
     tab.
  6. Enter the
    End Date
    , number of
    Overlap Days
    , and a figure for the
    Overlap Profits.
    note
    The
    End Date
     should be the day immediately before the
    Start Date
     of the first
    Accounting period
     that you entered for the client in
    Personal, Business, and Trust Tax
    .
  7. Select
    OK
    .
    The figures you entered here will be carried over to the partners' records and to their tax returns.
  8. Enter or edit brought forward overlap profits for a business tax sole trade
  9. Select
    Edit
    , then
    Schedule Editor
     from the menu bar.
  10. Double-click
    Sole Trade
    .
  11. Double-click the name of the business tax sole trade.
  12. Double-click
    Business Details
    .
  13. Select the
    Overlap
     tab.
  14. Enter the
    End Date
    , number of
    Overlap Days
    , and a figure for the
    Overlap Profits.
    note
    The
    End Date
     should be the day immediately before the
    Start Date
     of the first
    Accounting period
     that you entered for the business tax sole trade in
    Personal, Business, and Trust Tax
    .
  15. Select
    OK
    .
  16. Enter or edit brought forward overlap profits for a basic sole trade
  17. Select
    Edit
    , then
    Schedule Editor
     from the menu bar.
  18. Double-click
    Sole Trade
    .
  19. Double-click the name of the sole trade.
  20. Select the
    Assessable profits
     tab.
  21. Enter the
    Overlap profit brought forward
    , then select
    OK
    .