Tax payments and interest
Overview
The
Tax payments and interest
sheet has been designed to present and calculate when each tax payment is due as well as the amount of the tax payment and the amount of any interest payable or receivable. You can also use the sheet to analyse tax instalments depending on whether you are a very large company, a large company or a company not required to pay by instalments. A separate sheet will need to be inserted for each accounting period in the computation.Completing the Sheets
In the first table on this sheet you can manually add dates and amounts of tax payments that have been made in respect of the accounting period. You can also use the dropdown to select whether this is a deemed Group payment or the receipt of an R&D expenditure credit.
In the second table rows are automatically generated based on the accounting period dates and the tax liability and will display the due date and amount of each instalment payment.
If your company is not required to pay instalments, this table will show the date nine months and one day after the period end and the full amount requiring to be paid.
The third table is automatically generated based on the first two tables. It calculates the interest receivable or payable. It analyses the amounts overpaid and underpaid throughout the period and applies an interest formula from the
Interest rates
sheet.If you are a company that may have amounts that must be paid under the large or very large company rules, the sheet will apply this to the calculation of instalments in the tables mentioned above.
You can override the company size on the
Company Data
sheet, where there is a dedicated dropdown Use calculated status or override company size?
This lets you further calculate interest correctly on the Tax payments and interest
sheet.Related Content
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Group relief - Group
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