 |
 |
|
|
To access this screen select Data Entry | Calculation | Income
The first tab on the income screen includes boxes 155 to 205. (For periods starting before 01 April 2015, boxes 3 to 14 respectively). See below for further information about each field.
Click here to go to the help for the Tonnage tax and Chargeable gains tab.
Click here to go to the help for the Profits before deductions and reliefs tab.
The amount entered here is the adjusted trading profit as shown on the corporation tax computation.
If further adjustments are required click Trading Profits to access the following options:
Once the adjustments have been made you are returned to the income screen, which is updated for your changes.
If there is a Trade loss this is entered in box 780. (For periods starting before 01 April 2015, box 122).
Business Tax automatically utilises a loss brought forward against this year’s trading profit and completes this field.
To amend the losses click Trading Loss to display the Trading losses screen.
The amount included in this field will usually be the total of the interest received gross accounts from Accounts Production.
To change the amount click Loan Relationship. This displays the Edit Menu where you can:
Make Business Tax Loan Relationship postings to replace the total from Accounts Production. You may make both negative and positive postings.
Change the Business Tax Accounts option, which nominates which account balances in Accounts Production to include in Loan Relationships in Business Tax.
Access the Loan Relationship Deficits screen and enter deficits brought forward, brought back, carried back, surrendered to group companies. Business Tax calculates how these deficits may be utilised. If you are utilising deficits you must complete the detailed calculation.
If there are deficits on non-trading loan relationships this box is left blank. The deficit is shown in box 790. (For periods starting before 01 April 2015, box 125).
Annuities are entered in Business Tax via postings. Click Annuities here to enter a posting.
Click Overseas Income to access the Overseas Income data entry screen.
First you must choose the type of income you are going to enter. Business Tax needs to know the type of income as losses on Overseas trades and overseas land and property can only be utilised against income from the same trade. Once you have chosen the type of income select Click here to add information to display a data entry panel.
It is not possible to have entries with the same description.
Any trade or overseas property entries which have losses carried forward are carried to the next year when you run the Bring forward routine.
As Business Tax does not automatically complete this field, click Income with Tax to enter postings.
The profit or loss on UK land and buildings is calculated as follows:
|
Income per the nominated Rental income account (the nominated account may be changed in the Business Tax Accounts option) |
X |
|
Less: |
|
| Property expenses (entered via the Business Tax postings option) | (X) |
|
Profit/Loss |
X |
A profit is entered in box 190.
A loss is entered in box 805 (For periods starting before 01 April 2015, box 127). If there is a Property loss brought forward or a loss for the period Business Tax calculates the amount that can be utilised in box 250 (For periods starting before 01 April 2015, box 26). To utilise a Property loss you must use the detailed calculation.
To enter Property expense postings, change the Business Tax Accounts option or enter losses brought forward, click Property Income.
The amount included here is the total gain entered on the Non trading intangible fixed assets screen. To access the screen click Non Trading to the right of box 195.
Business Tax completes this field with the amount entered in box F70 (For periods starting before 01 April 2015, box F10) on the CT600F.
If there are Other Losses this box is left blank and the loss is entered in box 855 (For periods starting before 01 April 2015, box 130). You may enter the profit or loss by clicking Other Profits, opening the Posting option and then making Chargeable income postings. These postings may be either positive or negative.
In the unlikely event that there are any Other losses brought forward, these may be entered by clicking Other Profits and then selecting Other Losses. Losses entered here are set against Other income in box 205 as far as possible. Any excess is carried forward to the next accounting period.