Tax Calculations
Overview
The purpose of this section is to calculate chargeable income, tax payable or repayable, and losses from business required for Return form C.
- Income tax computation
- This sheet summarises all income sources and deductions that form profits chargeable to Corporation Tax. The sheet is automatically present in all calculations.
- Tax payable / repayable
- This sheet summarises relevant reliefs and deductions in terms of tax recorded elsewhere in the calculation and calculates corporation tax outstanding or overpaid. The sheet is automatically present in all calculations.
- Losses from business
- This sheet summarises relevant loss information attributable to trading or property and partnership businesses recorded elsewhere in the calculation. The sheet is automatically present in all calculations.
Completing the Sheets
Income tax computation
Amounts are summarised from the data in the relevant parts of the calculation. You can also use available data entry cells to enter some profits or deductions manually.
Additional rows are inserted for each trade or property business in top summary section within the calculation. The sheet will automatically apportion figures to each trade or property business.
Tax payable / repayable
Amounts are summarised from the data in the relevant parts of the calculation. You can use data entry cells to enter specific tax deductions and reliefs.
Calculation of total income tax charged section at the bottom of sheet provides information about apportionment of chargeable income and corresponding rate or return category.
Losses from business
Amounts are summarised from the data in the relevant parts of the calculation and relevant losses figures. You can also use available data entry cells to enter some losses or adjustments manually.
Additional rows are inserted for each trading or property and partnership in the
Current year losses
section in the calculation. The sheet will automatically apportion figures to each trade or property and partnership business.