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To access this screen select Data Entry | Groups and Consortium (CT600C)
Use this screen to enter details of each claimant / surrendering company to appear in the CT600C. IRIS Business Tax allows the linking of any IRIS practice client (limited company) within a group so that the allocation of losses can be performed in a single screen.
Additional validation is used to ensure that allocation of losses is appropriate for the companies within the group. Each company in the group is then also automatically updated and the Corporation Tax Computation and CT600C are also completed.
Select the Corporation Tax accounting period to which the return relates.
In order to include information regarding the surrendering / claimant company the Group company details section must be completed.
Where the client selected in the main toolbar is part of a Group Client and has also been created within IRIS the radio button will be set to Is a group client by default, otherwise this option will be disabled.
Click the Client magnifying glass to select the client; this will display the parent and subsidiary client(s) within the Group Companies window.
To select a limited company client that is already setup in the IRIS database select the Is a client of the practice option and then click the Client magnifying glass to select the client; this will display the Client Browser screen.
To setup a business that is not an IRIS client select the Is another business option, this will disable the options for Client as well as the Account period end date and the Corporation Tax Accounting Period fields.
Click the Non client magnifying glass to display the Businesses Who Are Not Clients screen. This screen displays a list of all businesses who are not a client (with an identifier) within the database.
If you have selected a company using either of the options for Is a group client or Is a client of the practice you must also complete the Account period end date and the Corporation Tax Accounting Period fields.
Where Is another business has been selected and the Non Client has been specified Add will be enabled.
Once you have completed the details for the Client and Account period end date, you can then click Add to add this information to the appropriate tab.
For each tab; Claims to Group Relief, Surrender as Group Relief, EUFT Claimed and EUFT surrendered a data entry panel will show the following fields:
Name of surrendering / claimant company - this is completed automatically based on the information from the Group company details section
Accounting period of surrendering / claimant company - this is completed automatically for Is a group client and Is a client of the practice where the accounting period start and end dates of any period that is different from that covered by this return. For a Is another business client you will need to enter the dates where the accounting period start and end dates of any period that is different from that covered by this return.
Tax reference - this is completed automatically for Is a group client and Is a client of the practice. For a Is another business client you will need to enter the HM Revenue & Customs office number and tax payer reference.
Amount - if you are in the Claims to Group Relief or Surrender as Group Relief tab select the magnifying glass in the Amount field to access the allocation table. If you are in the EUFT Claimed or EUFT Surrendered tab enter the amount into this field.
Use this tab to enter details to appear in Part 1 of the CT600C and the Claim authorisation if required.
If this tab is being completed, IRIS Business Tax will verify that the client in the main toolbar is the claimant company, the details for the surrendering company should therefore be added so that the appropriate loss allocation can be specified and updated between all group companies.
To allocate the surrendered losses from the surrendering company, click the magnifying glass in the Amount field for the surrendering company.
This will display the loss allocation window for the claimant company. Use this screen to allocate the losses from the surrendering company to the claimant company.
IRIS will perform validation for both the surrendering company and the claimant company to ensure that the losses being surrendered are not greater than the available losses for the CTAP. Where IRIS detects that the loss surrendered / claimed is not valid a warning message will be displayed with the appropriate information.
The first column lists the relief headings from the CT600C 2: Amounts surrendered as group relief.
The Profit / Loss will display the net trading profit /loss for the selected IRIS database client(s).
Trading losses – enter the amount being surrendered
Excess non-trade capital allowances over income from which they are primarily deductible - Enter the amount being surrendered
Excess non-trading deficit on loan relationships - enter the amount being surrendered
Non-trading losses on intangible fixed assets - enter the amount being surrendered
Excess charges over profits - enter the amount being surrendered
Excess of Schedule A losses over profits - enter the amount being surrendered
Excess of management expenses over profits - enter the amount being surrendered
The second column will display the information for the claimant company; including the Net trading profit and any loss relief which has been allocated to it from any surrendering company.
To add / edit the split of the loss relief allocated to the claimant company select the surrendering company in the main Groups and Consortium (CT600C) screen and click the magnifying glass in the Amount field for the surrendering company.
Box C10 will automatically be completed by the system and entered in box 310 on the CT600.
The details for the IRIS claimant company and the IRIS surrendering companies will be simultaneously updated.
If there are any further surrendering companies you must repeat this process.
Tick box C15 if the trade carried on in the UK through a Permanent Establishment.
Tick box C20 if the company is a non-resident company other than those covered by C15.
Complete the details in this section if a simplified arrangement is in force, or if a copy of consent for each surrendering company is to be attached select the Notice of consent to be attached option.
Use this tab to enter details to appear in Part 2 of the CT600C.
If this tab is being completed, IRIS Business Tax will verify that the client in the main toolbar is the surrendering company, the details for the claimant company should therefore be added so that the appropriate loss allocation can be specified and updated between all group companies.
To allocate the surrendered losses to the claimant company, select the magnifying glass in the Amount field for the claimant company:
This will display the loss allocation window for the surrendering company. Use this screen to allocate the losses from the surrendering company.
IRIS will perform validation for both the claimant company and surrendering company to ensure that the losses being surrendered are not greater than the available losses for the CTAP. Where IRIS detects that the loss surrendered / claimed is not valid a warning message will be displayed with the appropriate information.
The first column lists the relief headings from the CT600C 2: Amounts surrendered as group relief.
The Profit / Loss will display the net trading profit / loss for the selected IRIS database client(s).
Trading losses – enter the amount being surrendered
Excess non-trade capital allowances over income from which they are primarily deductible -Enter the amount being surrendered
Excess non-trading deficit on loan relationships - enter the amount being surrendered
Non-trading losses on intangible fixed assets - enter the amount being surrendered
Excess charges over profits - enter the amount being surrendered
Excess of Schedule A losses over profits - enter the amount being surrendered
Excess of management expenses over profits - enter the amount being surrendered
The second column will display the information for the surrendering company; including the Net trading loss and any loss relief which it has surrendered to the claiming company.
To add / edit the split of the loss relief allocated to the claimant company select the claiming company in the main Groups and Consortium (CT600C) screen and click the magnifying glass in the Amount field for the claimant company.
Box C90 will automatically be completed by the system.
The details for the IRIS surrendering company and the IRIS claimant companies will be simultaneously updated.
If there are any further claimant companies you must repeat this process.
Complete the details in this section if a simplified arrangement is in force, or if a copy of consent for each surrendering company is to be attached select the Notice of consent to be attached option.