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Multiple general reserves |
See Also
Adjustment of profit | Expense analysis | Expenses of management | Pension costs | Profit and loss account / Income statement (D schedule) | REIT property business analysis | REIT tax exempt property business | Reserves (single item) | Reserves analysis 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 provides an analysis of several non tax deductible general reserves and tax deductible specific reserves on a tabular basis. This type of schedule will be suitable both for provisions (e.g. general bad debt provisions or stock provisions) and for deferred income taxed on a non-accounting basis.
For 2009 files and earlier, this schedule may be developed from the Adjustment of profit, the Profit and loss account or any Expense analysis schedule.
From 2010:
You should develop the Multiple general reserves from the schedule where the tax adjustments are to be posted: -
Adjustment of profit ? Trade adjustments;
UK property income?Property adjustments;
Expenses of management ? Management of investments; or,
REIT tax exempt property business ? Tax exempt property adjustments.
Values can then be linked into this schedule via the Develop > Link > Multiple reserves option from: -
Profit and loss account;
Expense analysis schedule;
UK property business analysis; or,
REIT property business analysis
The schedule provides an area for General, Specific and Non deductible provisions, in which rows for each reserve type may be completed.
The user is required to enter a description, and details of amounts charged to profit and loss and offset against the reserve. Additional lines may be inserted as required by use of the Ins key.
The profit and loss charge is not automatically tied in to the parent schedule from which the multiple reserves schedule has been developed.
Transfers between provision types can be made using one of the "Other" columns, adjusting the taxable increase / allowable decrease in general reserves as required using the "Non (deductible) / taxable" movement row.
Movement on general reserves
For 2009 files and earlier, the net movement on non-tax deductible reserves is disallowed on the Adjustment of profit schedule.
For 2010 files, adjustments in respect of multiple reserves will be made against the schedule from which it was developed.
Investment companies
For 2009 files and earlier, the investment company version is similar to the trading company schedule, with the net movement being treated as an allowable expense of management if the balance on the general provisions decreases.
The schedule is supported by the Reserves Analysis schedule. Multiple copies of the Reserves Analysis schedule may be developed to support individual rows on this schedule.
Where a new period is built, the descriptions of reserves and the balances will be carried forward to the later period.
From 2010
Error |
How to solve it |
| Link should be made from a property expense analysis | The value linked has been linked from either the Profit and loss account or an Expense analysis schedule instead of a UK property business analysis schedule.
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| Link should not be made from a property expense analysis | The value linked has been linked from a UK property business analysis instead of either the Profit and loss account or an Expense analysis schedule.
|
| Link should be made from a REIT expense analysis | The value linked has been linked from either the Profit and loss account or an Expense analysis schedule or UK property business analysis schedule instead of a REIT property business analysis schedule.
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| You have not developed any Multiple General reserves schedules to link to. | A multiple reserves sheet has not yet been developed. You cannot link to a multiple reserves sheet until one has been developed from the relevant sheet e.g. adjustment to profit, expenses of management etc. |
© 2009 Thomson Reuters.