This sections explains how to enter details of Miscellaneous Income and Expenses.
Miscellaneous Income/Expenses Summary
To access the data entry area click on Miscellaneous in the left hand data navigator.
The summary window displays a summary of the relevant miscellaneous income received and expenses incurred for each accounting period within a period of account.
- Miscellaneous income - click this hyperlink that will navigate to the data entry window where details of income can be entered.
- Management expenses credit - click on this hyperlink to navigate to the Management Expenses Summary where details of management expenses credit is shown
- Management expenses Balancing charges - click on this hyperlink to navigate to the Management expenses capital allowance summary window where the amount of balancing charges arising will be shown.
- Total miscellaneous income - this will show the amount of income arising in the accounting period based upon the details entered throughout the system relating to miscellaneous income
- Miscellaneous loss arising - This will show the amount of miscellaneous losses arising for the accounting period
Entering details of Miscellaneous Income
To enter details of the income received and expenses incurred click on the Miscellaneous Income hyperlink in the Summary window
- 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.
- Net Profit/(Loss) per accounts - Enter an amount of profit or loss for the period. Enter a loss as a negative number.
- Taxable income/(loss arising) - enter the amount of taxable income received or loss arising. enter a loss as a negative number.
Multiple Trades allocation
To allocate amounts of Miscellaneous income of loss 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.