This section explains how to complete details of tax payments made against liabilities and information regarding Quarterly Instalment Payments regime.
Liabilities and Payments
This date entry area is largely already completed and the calculation of the Corporation Tax liability is undertaken by the software and the result is shown in the section where Instalments are displayed.
There are additional manual entry boxes which require completion where appropriate:
- Tick Should have made instalments under the Corporation Tax payment Regulation if the company is subject to the regulations governing Quarterly Instalment payments. This completes the relevant box on the form CT600.
- Tick Group payment arrangement for this period? if the company is part of a Group where arrangements for the payment of liabilities for the group apply. This completes the relevant box on the form CT600.
- Tick Company was large in the previous period? if the company was deemed large for the purposes of QIP's.
This check box is manual entry for the first period of account for a client in CCH Corporation Tax. Following the first period of account all subsequent periods of account the software will calculate whether it is large for the purposes of Quarterly Instalments.
- Tick Large company payments this period override? to override the calculation of the number of instalments.
- Tick Very Large Company payments this period overried? to override the calculation for the due date of payment of the instalments
- Tick Override QIP calculation for special arrangements to override the system calculation of Quarterly Instalments. This will override the 4 instalments being calculated into one instalment due 9 months after the accounting period end.
This should only be used where special arrangements are in force with HMRC allowing a company to pay in a single instalment instead of the 4 quarterly instalments.
- Enter amount(s) in the Paid column for any payments made against liabilities.
- Intra group allocation - enter any amounts relating to payments or amounts received from group companies
- Income Tax deducted - This is no longer used and any amounts of tax deducted from income should be entered in the Other Taxed Income data entry window.
- ACT Utilised - enter an amount of ACT you wish to utilise against liabilites. This completes the relevant box on form CT600.