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To access this screen select Data Entry | Calculation | Tax reconciliation
This screen shows boxes 530 to 615. (For periods starting before 01 April 2015, boxes 87 to 94 respectively ) on the CT600.
From the Tax Reconciliation screen click Total of Research and Development credit, vaccine tax credit, or creative tax credit Edit.
Click Details for the Above the Line tax credit to access the data entry screen for this tax credit.
Within the data entry screen enter the qualifying expenditure in field A and select the tax credit rate either 10% or 49%. The calculated value of field A x % credit rate will be displayed in field B and in the Above the Line tax credit field.
The other fields on this screen are free entry except fields F and L which are calculated fields. Once the tax credit has been calculated in field B, this and the other fields with a value entered / calculated will be reported in the notes section of the Enhanced Corporation Tax Computation.
From the Tax Reconciliation screen click Total of Research and Development credit, vaccine tax credit, or creative tax credit Edit.
Enter the tax credit available for research and development tax credit.
This should be restricted to the lower of:
14% of the 'surrenderable loss'
14% of the 225% R&D deduction
The company’s PAYE and class 1 NIC liability for payment periods ending in the accounting period
The company’s loss carried forward is adjusted by the amount in this field multiplied by 100/14
This field is only accessible if the account period end date is on or after 1 April 2008
Do NOT complete this field if the company has made a profit
From the Tax Reconciliation screen click Total of Research and Development credit, vaccine tax credit, or creative tax credit Edit.
Enter the tax credit available for Vaccine tax credit.
From the Tax Reconciliation screen click Total of Research and Development credit, vaccine tax credit, or creative tax credit Edit.
Enter the tax credit and select the payable credit rate for either Film, Drama, Documentary, Animation, Television, Video games or Theatre. Please note that this will be 25% for Drama, Documentary, Animation, Television and Video games, and either 25% or 20% for Film and Theatre.
The company's loss carried forward is adjusted by the tax credit multiplied by 100/Credit Rate.
Each Film, Drama, Documentary, Animation, Television, Video games and Theatre tax credit field is only accessible where there is a net trading loss for the period.
This field is only accessible if the account period end date is on or after 1 April 2006.
Click Edit to enter the Land remediation tax credit in either the Trade or Property Income field. Depending on your entry the Trading loss memo or the Property Income memo will be adjusted by the amount in this field multiplied by 100/16.
The amount entered should be restricted to the lower of:
16% of the 'surrenderable loss'
16% of the 150% land remediation deduction
Do NOT complete these fields if the company has made a profit.
Enter the tax credit available for Life assurance company tax credit tax credit.
Use this field to enter the tax credit to be claimed.
The amount entered should be restricted to the lower of:
19% of the surrenderable loss for the period
19% of the upper limit, where the upper limit is the lower of:
£250,000
PAYE/NIC payment for the period
The company's loss carried forward will automatically be adjusted by the amount in this field multiplied by 100/19.
Use this field to enter any corporation tax already paid for this return period.
Enter any Group tax refunds surrendered in the field provided.
Enter any tax Research and Development expenditure credits surrendered in the field provided.