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New Data Mining & Reporting Criteria for Self-employed & Partnership Income

Article ID: 3085
Last updated: 14 May, 2020

New Data Mining & Reporting Criteria for Self-employed & Partnership Income

To assist with the new COVID-19 Self-Employment Income Support Scheme we have updated the software to include the following additional criteria for use with data mining and reporting for the tax years 2016/17, 2017/18 and 2018/19 (2019/20 has also been added for completeness):

  1. Total Profit from Businesses
  2. Total Losses from Businesses
  3. Total Profit from Self Employments
  4. Total Losses from Self Employments
  5. Total Profit from Partnerships
  6. Total Losses from Partnerships
  7. Total Profit from Lloyds
  8. Total Losses from Lloyds

In addition to these new options, we already have the ability to datamine and report based on:

  • Client type
  • Whether the client has Self-employment pages, Partnership pages or Lloyds pages for a particular tax year
  • The total income for a particular tax year

Example Reports:

Using the current and new options allows users to produce a number of different reports, for example:

  • Individual clients with Partnership or Self-employed pages for 2017 showing the total profits and losses from Self Employment and Partnerships together with their total income for the year
  • Individual clients with Self-employed, Partnership or Lloyds pages for the years 2017, 2018 or 2019 showing the total of all income for all their businesses, together with total losses and total income

Reports can then be exported to Word or Excel.

New Default Report:

There is a new default ‘Business Profit and Income Comparison’ report which reports on every client with details of Total profit from all their businesses for 2017, 2018, and 2019, as well as Total income for each of the three years.

Due to time constraints and lack of clarification from HMRC, the report doesn’t show Total losses for all businesses but the report can be duplicated and additional columns added. It can also be tailored to only report on Individuals or only Individuals that have Self-Employment, Partnership or Lloyds pages.

Limitations:

  • If an individual started self-employment or joined a partnership during any of the tax years 2016/17, 2017/18 or 2018/19, and overlap profits have been calculated as a result, this will not be considered in the data mining results as data mining is looking at the taxable profits/losses for a tax year, not the profits of an accounting period.
  • The data mining results for a partner in a partnership are taking into account income from the partnership that is not necessarily ‘trading profits’, for example, profits from land and property and other untaxed income that is not interest or dividend income.
  • There’s no ability to produce an average of the three years’ profits and/or losses but, as mentioned above, the data can be exported to Excel so that a comparison and average can be produced.
  • There’s no ability to produce an average of the three years’ total income but, as mentioned above, the data can be exported to Excel so that a comparison and average can be produced.

COVID-19 Measures:

HMRC have provided their own guidance which explains how HMRC work out the trading profits and non-trading income for the Self-Employment Income Support Scheme.

You can also check your eligibility with their eligibility checker.

Article ID: 3085
Last updated: 14 May, 2020
Revision: 3
Views: 46
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