Deferred tax introduction

The software supports tax accounting sheets under both UK GAAP and IFRS at company and group level. The UK GAAP sheets can be developed from either A ? Adjustment to profit> Develop>Other>Tax account ? P/L Approach or alternatively from D ? Profit and Loss>Other>Tax account ? P/L Approach.

IFRS functionality within the UK GAAP sheets is not supported from FY 2014 onwards. Instead the I sheets can be developed using the Tax account ? Tax basis balance sheet option from the develop menus above.

The UK GAAP tax accounting sheets in the software use values entered in the tax computation to build the tax disclosures for the accounts. This allows you to do both your tax accounting and tax return computation calculations in the same file. The draft tax computation for the purposes of the tax accounting can be in as much or little detail as you require. The information in your tax accounting sheets will be based around the information you enter into the draft computation.

All standard sheets should link through to the tax accounting sheets with no manual intervention required in the tax accounting sheets. If non standard sheets are used, it may be necessary to make further adjustments to the tax accounting sheets to reflect the movements/tax adjustments as per the non-standard sheets.

The software will provide suggestions for the current and deferred tax balances, based on the information you have entered into the computation but it is the responsibility of the user to confirm the numbers for the disclosures.

Company tax accounting sheets can be linked to the group module to prepare the consolidated group module figures for the group accounts. Group consolidations can be prepared under UK GAAP or IFRS.

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