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Charges - multiple |
See Also
Adjustment of profit | Charges - single | Expense analysis | Profit and loss account / Income statement (D schedule) | UK property business analysis | UK property income
Select from the following headings:
Background | Developing the schedule | Completing the Schedule | Standard Sub-Schedules | Carry Forward | Related Errors
This schedule allows any line on the Profit and loss account, or an Expense analysis, or a UK property business analysis, to be analysed into several charges on income and treated accordingly. Note that the item must comprise charges only; if any other expenses or non deductible items are included these must first be identified separately on an expense analysis.
This schedule may be developed from either the Profit and loss account or any Expense analysis or a UK property business analysis schedule.
Each charge (e.g. each loan or lender) may be treated individually as a separate row on the schedule; additional rows may be inserted by use of the Ins key. The schedule follows the Dr/(Cr) convention.
The schedule allows the user to set out in tabular form the payable balances brought forward, the amounts charged to the P/L and the actual payments made in respect of each charge. The total amounts charged in the accounts will be cross-checked to the D schedule, and disallowed on the A schedule.
Property Companies
Where the schedule was developed from a UK
property business analysis schedule any adjustments will be made on the
Schedule A income/(losses)
schedule rather than on the A schedule,
while the charges will still flow through onto the A schedule.
Trade/Non trade charges
There are separate columns for trade and non-trade charges paid. The amounts actually paid will be treated as charges on income on the Adjustment of profit schedule.
Other
There is also a column for other adjustments such as exchange movements. The user is responsible for ensuring that the correct tax adjustments are made if this column is used.
Income tax
The user should also enter any income tax withheld from charges on income in the extreme right-hand column; this amount should be entered without brackets.
Investment companies
The investment company version is substantially identical to the trading company schedule.
Long periods of account
Two sets of payment columns are provided for long periods of account, one relating to each accounting period. The software provides the split between the two accounting periods for any income tax withheld.
The schedule has no standard sub schedules.
On carry forward, the descriptions of payees and the balances due will be carried forward to the later period.
© 2009 Thomson Reuters.