UK tax forms

Income statement

Overview

The
Income statement
 sheet should closely follow the format of your statutory accounts, whilst you use the supporting sheets to perform tax analysis.
Income Statement
The
Income statement
 sheet is present in all calculations and must be completed. Please note that there are fixed sections that are required by HMRC for the ‘Detailed Profit and Loss’ (DPL) part of the XBRL submission.
Income statement – business analysis
You can insert an
Income statement - business analysis
 sheet to allocate the Profit or loss before tax to the appropriate businesses.
Expense and income analysis
You can insert an
Expense and income analysis
 sheet to break down an item of income or expenditure into its constituent parts, to enable further analysis. You should select the figure you want to analyse before inserting the sheet.
Management expenses analysis
If you have an investment business, you should insert the
Management expenses analysis
 sheet rather than an
Expense and income analysis
 sheet.
Combined analysis
The
Combined analysis
 sheet lets you accumulate amounts from different
Expense and income analysis
 and
Management expenses analysis
sheets and analyse them on a single working paper.

Completing the Sheets

You can import data for these sheets or enter data manually.
Income statement
As you might expect this sheet is designed to replicate your income statement from your financial statements, you do not perform analysis on this sheet. You can insert rows so that the sheet matches the disclosure in your financial statements. You do this by configuring and inserting new
Custom line items
. Once configured, a
Custom line item
 is available to be used in all calculations across your organisation for all users. Once the sheet has been completed you can then perform any analysis on either the
Expense and income analysis
 or
Management expenses analysis
sheets.
note
If you have multiple businesses, you must allocate the profit or loss before tax to the appropriate businesses in the business analysis section or you can also choose to do it on the
Income statement – business analysis
 sheet instead.
Income statement – business analysis
If you have multiple trades or businesses, you can use this sheet to allocate the profit or loss before tax to the appropriate businesses or trades. A column is inserted for each business or trade, within the computation, and you then need to allocate the value from the Income statement between the individual businesses or trades.
Expense and income analysis and Management expenses analysis
Where you have identified amounts on the Income statement that require further analysis you can either develop the
Expense and income analysis
or
Management expenses analysis
sheets. Once the sheets are developed you will need to analyse the expenditure as necessary, inserting as many rows as required, then for each item of income or expense you have the following options:
  • Take no further action, in which case the amount will be treated as taxable or deductible.
  • Disallow or treat as non-taxable on the
    Expense and income analysis
     sheet or treat as non-allowable on the
    Management expenses analysis
     sheet. You can choose some or all of the relevant amount, and any changes made in this column will be reflected in the
    Adjustment of profit
     sheet.
  • If a specific tax treatment is required choose the relevant category from the
    Analysed as
    dropdown where you will then be prompted to develop further sheets. Some of these options may still require you to show the amount as disallowable.
  • You can also develop additional
    Expense and income analysis
     sheets to drill down further into the amounts.
Combined analysis
You can insert a
Combined analysis
 sheet to analyse balances from multiple
Expense and income analysis
 or
Management expenses analysis
 sheets cumulatively. The sheet title in each
Combined analysis
 sheet will automatically become an option in the
Analysed as
 dropdown on each
Expense and income analysis
 or
Management expenses analysis
 sheet allowing you to determine which items to cumulate. The sheet layout and functionalities are identical to the
Expense and income analysis
 sheet.
note
This sheet has its own reconciliation section that would list all items analysed from the various
Expense and income analysis
or
Management expenses analysis
 sheets to ensures that amounts between the various sheets balance.

This article applies to:

  • PRODUCT: ONESOURCE Corporate Tax