SAM101250 - Records: maintain taxpayer record: maintain trade
This subject consists of the following
Trades
Amending trade details
Changing main source
Updating return profile
You should decide, from the list of functions, which computer functions to use to amend the taxpayer record.
Trades
Where there are trading profits including profit from a profession or vocation, they have to be set up as sources on the SA record for compliance and recovery / enforcement purposes. A partnership can have only one live source set up on the SA record at a time. There is no limit to the number of sources that can be entered on an SA record for an individual, including a partner, or a trust.
If you want to set up a new trade see the subject ‘Set Up Trade’, in section ‘Set Up Taxpayer Record’ (SAM100250).
PAYE income and other sources are not set up on the SA record.
Amending trade details
You can amend details of trades held on the SA record. These are
- Business name
- Business address
- Trade description
- TCN
- Trade start date
- Trade end date
If any of these details change you should amend them using function MAINTAIN TRADE.
The same address can be used for more than one trade. If the address changes or goes RLS you will have to make the amendment for each trade source with that address.
If the partnership trade source ceases, also use function MAINTAIN PARTNER to cease the partnership source for each partner.
Changing main source
Unless the SA record is linked to PAYE, where you set up more than one trade / partner source and do not set up the main source first, you will need to nominate the main source. Function MAINTAIN SOURCES is used for this purpose.
This action is necessary because where the SA record is not linked to a PAYE record, the system
- Uses the main source to determine where the SA record should be located
- If appropriate, prompts the operator to transfer the record, indicating the proposed new Organisation Unit
The main source may be used for addressing correspondence and is also used in
- Cases where it is necessary to establish the level of charge to be included in a Revenue Determination because either one or more returns are overdue
- The National Tracing System
Updating return profile
If you cease a trade or set up a new trade, consider using function MAINTAIN RETURN PROFILE to ensure that the correct supplementary pages to the tax return are issued for the following year.
