Playing with TaxCalc, on a Friday night - Rock on me!!
Is it necessary to include the manual tax reconcilation note?
Or is this only needed if you've entered the actual tax figure due after you've filled / filed the CT return, as an oppose to entering a estimate for the year in question?
I've just entered an estimate of 25% of profit (for a demo company) as a tax charge so i'm figuring I can just omit this note?
It came up as a warning so I thought I best check.
Ive never used TaxCalc for the actual accounts so its interesting to see the screen.
Out of interest what reporting standards did you put in?
Ive noticed that the HMRC website for business owners forces you to put in a tax calc breakdown, althought their software sint adding things up properly so it throws in an incorrect figure. It doesnt show on VT accounts to that level as far as I can recall, but of course it does on the CT return, so is it just a feed for the CT return?
(Hope Im making sense - migraine set in early today!)
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
I've always used Taxcalc for self assessment and been really happy with it. I've just trialled the accounts production and am thinking of getting the corporation tax module. Have you been able to bring the accounts through from accounts production into the corporation tax screens easily?
It was my understanding that you input into the accounts production and that it then pulls all of that through into the corporation tax module and that you would file to HMRC and Companies House from there. Is that not the case?
That could well be the case, but I've not got that far into the software yet :)
What I did what load an adjusted TB, checked out all the notes ready to file and one error message popped up stating as per the attachment.
My TB Tax charge and liability were estimates, as you do at year end - make a fair judgement of what the actual will be.
It's knowing that using an estimate is correct, that threw me. I definitely don't remember reading anywhere within FRS102 that the actual (as per tax return) figure for tax for the year needs to be accounted and reconciled within the final accounts.
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Johnny - Owner of an overly-active keyboard.
A man who can read, yet doesn't, is in no way wiser than a man who can't.
