UK Company Tax Return

Company Tax Return

Tax Assistant includes modules for producing Company Tax Returns. There are two versions available, a Basic version and a Full version.

Basic version
The main Tax Assistant package includes a licence to use basic versions of the Company Tax Return programs, which produce the CT600 form and automatically calculate corporation tax liability, marginal relief and tax due on non-corporate distributions, based on the entries made on the on-screen CT600 form.

Full version
The optional licence for the full versions of the Company Tax Return programs includes access to the facilities in the basic version and, in addition, enables you to produce the Supplementary Pages for the CT600 and a variety of schedules that are used to report background information relating to the entries on the CT600 and supplements.

Supplementary Pages are included for Loans to participators by close companies (CT600A), Controlled foreign companies (CT600B), Group and consortium (CT600C), Insurance (CT600D), Charities and Community Amateur Sports Clubs (CT600E), Tonnage tax (CT600F), Corporate Venturing Scheme (CT600G), Cross-border Royalties (CT600H), Supplementary charge in respect of ring fence trades (CT600I), and Disclosure of tax avoidance schemes (CT600J).

Comprehensive facilities are included for creating supporting schedules for items such as trading computations, capital allowances, loan relationships, taxed income, overseas income, property income, enhanced R&D expenditure and capital gains. There is also a facility to include a section of additional information in "free text" form to accompany the schedules.

Filing By Internet (FBI) is supported through an optional data communications module called FBI Courier which transmits tax return data to HM Revenue & Customs and receives responses from HM Revenue & Customs using the Internet, thus providing a fully integrated FBI solution. The Company Tax Return and FBI Courier programs can be set up to provide a fully automatic, seamless interface with the HMRC Self Assessment computer system.

The following features relate to the Full version. The Basic version is restricted, as indicated above.

Client filing system
File functions are included for creating new Company Tax Return files or creating files based on those from the previous year. Other file functions include Open, Save, Close, Rename, Delete and Backup.

Transferring client data from the previous year means that all data which does not, or is unlikely to, change from year to year (e.g. company name and reference number, directors' names, relevant supplementary pages, bank account names) is instantly copied from the previous year's Company Tax Return to create the "skeleton" of the current year's return, thus saving a large amount of data entry from year to year.

On-screen display of the Company Tax Return form
The program includes a full-colour, on-screen display of the Company Tax Return form and the Supplementary Pages. Rapid navigation around the forms is possible using a variety of methods such as control keys, scroll bars and page selection buttons. If required, information can be entered directly into each Company Tax Return box as it would be on a paper return form.

Notepads with "point and click" icons (Full version only)
Sprinkled around the on-screen Company Tax Return forms you will find many "notepad" icons. Simply "point and click" on any of these to reveal one of Tax Assistant's most powerful features, the Notepads. Each notepad icon is context sensitive. When you click on an icon a Notepad page appears which applies to that section of the Company Tax Return. There are Notepad pages for all sections of the Company Tax Return where background data is used to derive the information that appears on the tax forms. Amounts calculated in the notepads are automatically copied to the appropriate tax form boxes when you click on the OK button on a notepad. All information entered on the notepads can be printed out in the form of supporting schedules to accompany a tax return.

Calculators for special functions
Several specialised on-screen "calculators" are incorporated into the Company Tax Return programs. These include:

Trading adjustments for tax purposes for calculation of taxable profits, taking into account disallowable expenses, balancing charges, capital allowances, and non-trading income. This function is only available in the Full version. 

Capital allowances for calculation of capital allowances and balancing charges, based on the initial value brought forward, writing-down factors, proportion of private use, and sales. This calculator also deals with first year allowances. This function is only available in the Full version. 

Non-trading loan relationships for calculation of net profits and deficits from loan relationships and derivative contracts, taking account of profits and deficits for the current period, deficits brought back from later periods, and deficits brought forward from earlier periods. This function is only available in the Full version.
 
Income from UK land and buildings for calculation of taxable income or losses from UK land and buildings, taking account of rental and other income, expenses, additions and deductions for tax purposes, partial share of property, and multiple properties. This function is only available in the Full version.
 
Corporation tax for calculation of corporation tax liability, taking account of taxable profits, and partitioning between two financial years with different tax rates in each year.

Marginal relief for calculation of marginal starting rate or small companies relief, taking account of taxable profits, franked investment income, number of associated companies, the upper and lower limits for marginal relief, partitioning between two financial years with different tax rates in each year, and apportionment for accounting periods less than a full year.

Non-corporate distributions for calculation of additional tax due resulting from non-corporate distributions. This includes support for NCDs brought forward and carried forward and apportionment of matched profits between corporate and non-corporate distributions.

Chargeable gains and allowable losses for calculation of the gains and losses arising from the disposal of capital assets, including incidental costs of acquisition and disposal, and indexation allowance. This function is only available in the Full version.
 
Enhanced R&D expenditure for calculation of enhanced R&D expenditure and R&D tax credit, taking account of the limits for entitlement to enhanced allowance, company status (SME or Large company), and apportionment for accounting periods less than a full year. This function is only available in the Full version.

Corporation Tax Calculation
Corporation tax due or repayable is calculated automatically using the calculations specified on the CT600 form.

Printed reports of Company Tax Returns, supporting schedules and tax calculations.

Tax Assistant produces high quality printed reports on laser printers. The substitute Company Tax Return produced by Tax Assistant is approved by HM Revenue & Customs for submission in place of the official Company Tax Return form. Schedule printouts have headers and footers containing the company name and reference number, and the date. The Company Tax Return, including the supplementary pages and schedules, can also be saved as a Portable Document Format (PDF) file that can be sent to the client by email. Printing of the Supplementary Pages and the schedules is only available in the Full version.