Allowable Expenses

Last modified 10:20, 23 Oct 2015

Overview

You can claim relief for all general expenses of management of the company's investment activities. There are separate windows to enter claims for capital allowances and to claim expenses for leased cars.

Claiming Allowable Expenses

  1. Click  Management Expenses > Allowable Expenses and then choose the Description from the drop down or manually enter a description.
  2. Enter the Per Accounts and Allowable amounts.
  3. Click Details to open a new window that will enable an analysis of the entry to be made. 
    If there is more than one Trade/Business or if the Primary Trade Box has not been selected, the Trade Allocation window opens.
  4. Enter the amount to be allocated to each Trade/Business and to Non-Trade.
    The Total reallocated in the entries above will now be displayed. 
    If the amount of the Total reallocated is not the same as the Total amount per accounts then a validation message will appear.

Detailed Allowable Expenses Window

  1. Click Management Expenses > Allowable Expenses > Details.
  2. Enter the Description - this is a manual entry.
  3. Enter the per accounts and allowable amounts.
    There is a reconciliation of the entry in the detailed Allowable Expenses Window to the entry in the Allowable Expenses Summary.

NOTES

  • The Description from the drop down menu can only be used once only.
  • The Description chosen from the drop down menu will be tagged in the tax computations. Any manually entered descriptions will not be tagged.
  • The Trade allocation grid does not appear if there is only one trade/business. The entry will automatically be adjusted against the trade/business.
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CCH Corporation Tax

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