Foreign Income

Last modified 17:07, 6 Apr 2016

Overview

Explains what the feature is, what its benefits are to the user or customer, when to use it , how to access it.

Data Entries summary

To make an entry for Foreign Income please enter a Description of the source of income.  This will then create a link to the detailed Foreign Income Analysis screen to be created.  The Foreign Income Analysis should be accessed by using the Details link.

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Foreign Income Analysis

This is accessed from the Details link within the Data entry summary. The window is split into two  - the analysis of income at the top of the window and a summary of the claim for Foreign tax relief at the bottom of the window.

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  1. Description - enter a description for the source of foreign income
  2. Type of source - select the Type of income received,either Non-exempt distribution, Investment income or Miscellaneous income
  3. Foreign Tax suffered - enter an amount of foreign tax suffered on this source of income
  4. Claim as a deduction - tick the box if the foreign tax suffered is to be claimed as a deduction against the income
  5. B/fwd - enter an amount of  income b/fwd from a previous period of account. This will be automatically created in subsequent periods of account created using CCH Corporation Tax.
  6. Gross per accounts - enter an amount of gross income per the accounts
  7. Relieved by deduction - this will be calculated by the system if you have selected to claim the foreign tax suffered by deduction.
  8. Net income - Calculated by the system and is the result of Gross per accounts minus amount of foreign tax relieved by deduction minus C/fwd.

  9. Taxable - enter an amount of foreign income deemed as taxable in the period.
  10. C/fwd - enter an amount of income to be carried forward.

Foreign Tax Suffered

This is shown at the bottom of the screen and is where the claim for Foreign tax credit is made.  Manual entries are required to be made in these boxes as the Foreign tax suffered is not linked to the total entry shown in the Foreign Income Analysis.

 

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  1. Foreign tax suffered - enter the amount of foreign tax eligible for relief
  2. Foreign tax set off - enter the amount of foreign tax to be relieved
  3. Foreign tax w/o - this is automatically calculated as the difference between the Foreign tax suffered and the Foreign tax set off
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