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REIT property business analysis |
See Also
Disposals | Expense analysis | Fixed assets | Land remediation relief | Profit and loss account / Income statement (D schedule) | REIT deductible on paid basis | REIT tax exempt property business | REIT tax exempt property business | Reserves (single item)
Select from the following headings:
Background | Developing the schedule | Completing the Schedule | Standard Sub-Schedules | Carry Forward | Related Errors
This schedule is used to support a total amount of REIT tax exempt income or expenditure by breaking it down into its components. Non taxable and disallowable items can be identified in the disallowable column, which is hidden until used.
The total and adjustments will automatically be carried onto the Tax exempt property business schedule.To use the schedule place the cursor on the income or expenditure row you wish to analyse within either the Profit and loss account, or any Expense and income analysis or other REIT property business analysis schedule, then select Develop > Other > REIT property business analysis.
The title of the new schedule will automatically correspond to the description of the item supported on the parent schedule, and the total column will identify any difference between the total of the items analysed and value of the item supported on the parent schedule.
Sign convention
The schedule follows the debit/(credit) sign convention, in both the main and disallowable columns. Thus income should be entered as negative.
Disallowable items
Any disallowable items may be cast into the disallowable column, where they will be transferred to the Tax exempt property business schedule.
Note: Disallowances must be made at the lowest level of analysis, and hence if a supporting schedule, (e.g. Reserves ? single), is used to analyse a particular entry, the disallowance should be made on that schedule.
Where a disallowance is made on a schedule developed from the REIT property business analysis schedule, the disallowance will automatically flow through to the Tax exempt property business schedule.
Depreciation
Depreciation analysed in different REIT property business analysis schedules will be reconciled within the Reconciliation of Depreciation section at the foot of the Fixed assets schedule, by selecting Develop > Link > REIT Depreciation.
The depreciation will then be adjusted on the Tax exempt property business schedule.
P/L on disposal
Profit and loss disposals analysed in different REIT property business analysis schedules will be reconciled within the Reconciliation section of the Fixed asset disposals schedule, by selecting Develop > Link > REIT P/L disposal.
The profit/ loss will then be adjusted on the Tax exempt property business schedule.
Land remediation relief
Allows amounts to be analysed on the Land remediation relief schedule, by selecting Develop > Link > Land remediation relief. If the Land remediation relief schedule is not already in the computation, it will be developed automatically when the link option is used.
Any amounts of land remediation relief shown as relating to the REIT property business will then be adjusted on the Tax exempt property business schedule.
Deductible as paid
Allows amounts to be analysed on the REIT deductible as paid schedule, by selecting Develop > Link > Deductible as paid. If the REIT deductible as paid schedule is not already in the computation, it will be developed automatically when the link option is used.
The amount paid will then be adjusted on the Tax exempt property business schedule.REIT property business analysis
On carry forward the captions entered will be rolled forward, and the earlier year balances will be placed in the prior year total and disallowable comparative columns.
Any rows that are not required in the later file may be deleted as required.
© 2009 Thomson Reuters.