Farmer's averaging software

What software or other tools do people use for Farmer's averaging. Do any do the full calculation?

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Currently using CCH accounting software for partners it calculates the averaging profit adjustments for the 2 or 5 years but does not calculate the over/underpaid previous years tax. For sole traders it does calculate this under/overpaid tax for each averaged tax year. 

Does anyone recommend a tool/spreadsheet based package to calculate this missing previous year tax underpaid/overpaid for partners. Or do any CCH users have a different solution? We do not want to use another accounting software package.

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By vinylnobbynobbs
08th May 2024 13:03

Iris Personal Tax

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Replying to vinylnobbynobbs:
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By highland
08th May 2024 13:27

Moved from IRIS to CCH. IRIS did work for farmers averaging.

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By Tomazaan
09th May 2024 11:25

I use Excel spreadsheets to calculate the revised tax. A bit cumbersome and old school but they work.

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Morph
By kevinringer
09th May 2024 17:17

I'm a PTP user. PTP doesn't automate the calculation so I have built my own spreadsheet. It is far from perfect and can't deal with some scenarios, but I know it's limitations and can work within it.

I'm surprised this isn't a tool that Absolute offers.

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By RICHARDBIBBY
09th May 2024 19:29

Try de-FBI ing the previous year and input the adjustment. You can then recalculate the tax & nic for that year.
That's how I used to do this on PTP software.

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Replying to RICHARDBIBBY:
Morph
By kevinringer
10th May 2024 09:50

I'm reluctant to do that because it permanently removes the FBI status. It also takes time to remove the status for the 4 prior years, input revised figures, then revert to the original figures.

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