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Projected payments on account - workings |
See Also
Payments on account | Projected payments on account - capital allowances | Tax rates
Select from the following headings:
Background | Developing the schedule | Completing the Schedule | Standard Sub-Schedules | Carry Forward | Related Errors
This schedule is used to determine whether a company should be classified as 'large' for the projected period, and therefore whether it needs to make installment payments on account.
This schedule also contains similar information to the O schedule (e.g. tax rates) which enables the software to calculate tax liabilities based on the estimated PCTCTs at an appropriate rate.
The schedule can be developed from the A schedule using the Develop menu and Tax.
There are four areas on this schedule where the user may be required to enter data:
Movement in number of associates
For calculating upper and lower tapering relief limits and de minimis profits limits.
Non-group FII
For calculating 'profits' figure.
Large last period override switch
When the switch shows 'Calculated', the software will determine whether the company was 'large last period' based on actual profits and tax liability from the current period data. However, since this data may be in draft status while the estimates for the projected period are produced, the user can opt to override the calculation and choose 'large' or 'small' as appropriate.
Large this period override switch
As above, this switch allows the user to override the calculations made by the software.
This schedules does not have any standard sub-schedules.
On carry forward, this schedule is automatically developed in the subsequent computation if it is present in the prior year computation.
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