Authorised Investment Fund
Corporation Tax
Group Module
Investment Trust
Life
Hotline
Pack development
Irish Corporation Tax
Partnership Tax
Partnership Gains
Administrator
Tracker
Hong Kong Profits Tax
VAT
Personal Tax
Corporation Tax Lite
Deferred tax not provided |
See Also
Adjustment of profit | Deferred tax introduction | Profit and loss account / Income statement (D schedule) | Tax account
Select from the following headings:
Background | Developing the schedule | Completing the Schedule | Standard Sub-Schedules | Carry Forward | Related Errors
This schedule should be used to analyse deferred tax balances for which deferred tax is not to be provided/recognised.
This schedule will be developed as part of the F schedules. The F schedules can be developed from either the Adjustment of profit schedule or the Profit and Loss account by selecting Develop, Other, Tax account ? P&L approach.
Details of the gross deferred tax not provided brought forward and carried forward figures, should be entered into the B/F and C/F columns, as appropriate. The net figures and the P/L movement are calculated automatically. Assets not provided for should be entered as positive figures and liabilities not recognised should be entered as negative figures.
The amounts not provided will only be calculated once the selector ?Full provision (Yes/No)? is changed from Yes to No. The columns on the right hand side of the schedule (Full potential liability and Amount provided) then provide details as to the total deferred tax asset/ liability arising, and how much of that asset/liability has been provided for by virtue of the numbers entered on this schedule. The deferred tax not provided figures will then be inserted on the Tax account schedule on the ?Less deferred tax not provided? row.
For 2009 files onwards, there are selectors for the b/f and c/f deferred tax amounts not provided/recognised. This allows the treatment for the opening and closing balances to be different where needbe. There is a second selector for both the b/f and c/f amounts called ?Include within deferred tax items rather on separate row?. If this selector is changed to YES, the deferred tax amounts not provided will be netted off on the Tax account against the asset/liability to which they relate and therefore will not appear on the ?Less deferred tax not provided? row.
The deferred tax asset amounts in respect of losses will be automatically restricted to the total amount of deferred tax liabilities in the computation on the Tax account and the Deferred tax not provided schedule. In order to see the full deferred tax asset available for the losses on both the Tax Account and the Deferred tax not provided schedules (i.e. NOT restricted to the total deferred tax liabilities), the selector ?Apply restriction of losses? (bottom left hand side of the Tax account) should be changed to No.
When the computation is rolled forward, both the b/f and c/f selectors ?Full provision (Yes/No)? on the Deferred tax not provided schedule will default back to Yes. These will need to be reviewed and changed if deferred tax is not to be provided on brought forward figures. A selector has been added for the user to confirm that they have reviewed the position in relation to brought forward deferred tax balances. Once this is switched to Yes, this warning will be hidden.
Additional rows may be inserted as required on this schedule; however, further adjustments may need to be made to the other F schedules to support the new rows.
Note: To ensure that the layout of this schedule is clear, display formulae are employed to suppress many of the ?zero? amounts.
This schedule has no standard supporting schedules.
© 2009 Thomson Reuters.