This sections explains how to enter details of Other Taxed Income.
Other Taxed Income Summary
To access the data entry area click on Other Taxed Income in the left hand data navigator.
The summary window displays a summary of the income received and tax deducted for each accounting period within a period of account.
Click on the hyperlink entitled Taxable Income to enter details of the income received.
Entering details of Other Taxed Income
To enter details of the income received and any tax deducted following the steps:
- Description - enter a description for the source of income. If there are multiple entries required to be made in this window then the description of the expenditure on each line should be unique.
- B/fwd - Enter an amount of income brought forward from a previous period if applicable.
- Per accounts - enter the amount of income received as see in the company's financial statements.
- Taxable - Enter the amount of taxable income
- Tax Deducted - enter the amount of tax deducted from the source of income.
- C/fwd - this amount is automatically calculated by the software and is the result B/fwd plus Per accounts minus taxable.
- Other tax deducted - enter an amount of Other tax deducted which is not reflected in the entries already made in the previous steps. This box may already contain an amount which is an amount of tax deducted previously entered using the Tax Payments data entry window in a previous release of the software.
Multiple Trades allocation
to allocate amounts of Other Taxed Income against a trade or non-trade
- Deselect the Primary Trade box seen in the list of Trades where there is only 1 trade entered.
- A Trade allocation section will appear at the foot of the Other Taxed Income data entry window. This will also appear when there is more than one trade present in the period.
- The Per accounts amount will be automatically set against the primary trade where this tick box is present.
- Enter an amount against the other trades and/or against non-trade. entering an amount against non-trade will mean no adjustment is made against any trade for that amount of other income.
Notes can be added to this window. All notes will appear as an appendix to the Corporate Tax computation. Click the click to add notes link at the foot of the data entry area.