Frequently Asked Questions

Business Tax

Frequently Asked Questions for Business Tax

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How to file a CT600 for a charity

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  • Create a standalone LTD company within business tax, giving the client a separate identifier to that in the accounts  
  • Manually enter the information within data entry | charities and CASC`s (ct600E)
  • Reports | electronic tax return | attach the accounts externally as the accounts production module and business tax will not be linked.
  • How to carry back a trading/terminal loss to a prior year

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  • In the current year go to edit | losses - In the year in which the loss arose enter the amount to be carried from this year in to the “less loss carried back cell”
  • In the year the loss is being carried to enter the amount in the “brought back” cell | apply | ok  
  • Data entry | summary | tick “for earlier period” in the repayment claim section | ok - Edit | notes | enter a manual note detailing this carry back of loss.
  • How to enter a vehicle with private use

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  • Edit | capital allowances | A-maintain assets | insert the asset details  
  • Do not tick include in generate or special rate pool | Ok | close  
  • Run a B-recalculate | C-maintain | double click on the vehicle | enter the private use element
  • Indexation isn’t being calculated when disposing of a capital asset.

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    Please ensure that the asset details have been entered within edit | capital assets | assets category  

    If the indexation is still not being calculated please ensure that the retail price index table (in business tax | setup | retail price index) has the figure entered for the month of disposal.

    How to attach accounts in a PDF format

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  • Data entry | summary | under the accounts section | tick the box “accounts attached in PDF format”
  • Reports | electronic tax return | under the “attach accounts” section | select external file | select the spy glass and search for the PDF document.
  • How to Repay an overdrawn directors loan account

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  • The repayment need to be entered in the year in which the loan was initially taken out.  
  • Therefore go back to the year where the amount is showing as a new loan outstanding | data entry | loans to participators by close companies | enter the repayment in the repaid/ released/ written off within or after 9 months | update totals | ok  
  • Run the edit | bring forward in the preceding years where the balance will be adjusted.
  • A balancing allowance isn’t being calculated for a disposal of an asset

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  • Please note that a balancing allowances would only be given on a pooled asset if the business has ceased to trade. The cessation date can be entered through client | view
  • If this is a non-pooled asset please ensure the disposal details have been correctly entered within edit | capital allowances | a-maintain assets.
  • Declaration warning when generating an electronic tax return.

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    This error is indicating that the person signing the return has not been entered. Please go to data entry | declaration and enter the name and status of the person signing the return to bypass this warning.

    When printing a 64-8 the details aren’t showing

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  • Please ensure that a business representative has been selected. The business representative will automatically be picked up once the partner/director has been entered through client | view | related. 
  • Once the business representative has been entered the 64-8 should pull the correct information through.
  • How to manually alter the information on the Partnership return

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  • Trades | partnerships | overwrite/leave alone | no – leave alone 
  • Trades | partnerships | data entry – within this screen you can manually alter any data that shows on the partnership return.
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