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O schedule - Group members |
See Also
Adding companies to a group | B schedule - Group relief matrix | C2 schedule - Shadow ACT matrix | C3 schedule - Shadow ACT group carry back matrix | E schedule - Notional gains/losses transfers matrix | Group deferred taxation summary | Information for the return | Ordering companies within group module | P schedule - Simplified arrangements group statement | Removing companies from a group | S schedule - Group payments on account | Updating the computations
Select from the following headings:
Background | Developing the schedule | Completing the Schedule | Standard Sub-Schedules | Carry Forward | Related Errors
This schedule shows control information about the members of the group. The user may need to make changes to this schedule if companies join or leave the group during the year.
This schedule also contains a number of selectors to enable you to control which schedules are displayed and hidden within the group module, for example, whether the U, V, X and Z schedules display. By default, these schedules are set not to display.
This schedule is automatically developed in all group files.
The following information is held on the schedule:
This shows the basic file name of each company for each group member, excluding the digits representing the particular period end.
This must be changed manually if a company has been carried forward with a different file name.
For companies that have been attached to the group file, this will show the name of the company as shown in the underlying computation.
This will normally show "OK" but it will change to an error message, for example, Update required, depending on the status of the underlying computation and the group matrix. Where "No" has been selected for Allow update of computations below, the status of the underlying computation will be displayed as a warning rather than an error message.
The status will be empty where the group file has been rolled forward and the underlying computation has not yet been linked to the group file.
Use this setting to control whether the underlying computation is amended with revised claims/surrenders from the group file when selecting File > Link > Update companies.
When ?No? is selected, the status of the underlying computation will be displayed as a warning rather than an error message.
Update group relief details in company
This setting determines whether the tax reference, company name and accounting period details are posted to the group relief claims/surrenders details schedule which supports the CT600C. The default setting is off as these details would not usually be required in the computations where a joint amended return is used. For details to be updated in the underlying computation automatically, this must be set to ?Yes?.
The group module cannot update the underlying files where it is for a long period or a non-coterminous period end which falls into two or more group periods. In this instance the selector will be set to "No", and it will not be possible to change this and the details will need to be manually updated.
The period end column should be used in a rolled forward group file before linking to the underlying computations. Where companies are not coterminous, the group file has to link to two different company files and this column allows you to specify the relevant periods.
For companies that have been attached to the group file, or non Abacus companies, this will show the period end as shown in the underlying company file/details.
Note: On roll forward, you will be asked whether the software should automatically try and link to the underlying company files, based on the links that existed in the previous period. Where one or more of the underlying companies has changed its year end, you should answer "No". You should then open this schedule in the new group module file, and amend this column to the correct period end before selecting File > Links > Recreate links.
If a company joined the group during the period, the appropriate date should be entered here. This will facilitate the calculation of corresponding profits/losses which are shown on the B schedule (Group relief matrix).
For a company leaving the group, enter the date in which arrangements came into force for a company to leave the group to facilitate the calculation of corresponding profits/losses.
This information is picked up from each computation.
These columns may be used to specify priorities for loss surrenders or claims by entering numbers for declaration purposes. These are for disclosure/memorandum purposes only and have no computational effect on the remainder of the Group module. You may need to select View > Hidden to be able to view these columns.
A set of standard options in this column control whether the company appears on each of the schedules and whether group relief may be surrendered. The options are:
Entries here control the amount of profits/losses shown as available for group relief/surrender. Note that whilst the system will restrict the available profits/losses by reference to this percentage, it is the responsibility of users to ensure that the rules for consortium companies are complied with.
This shows the number of associates per the underlying company files. If this number is less than the number calculated in the Group module, an error message will be shown. Under certain circumstances the warning may not be appropriate and the user can suppress the error by setting the flag Ignore errors for number of associates to "Yes".
If an entry is made in this cell, on the next update the company concerned will have its number of associates set to this figure. If the cell is left blank, the computation figures will not be altered.
This flag allows the user to determine whether the group is within the Shadow ACT regime. Setting this flag and then selecting File > Link > Update companies will change the shadow ACT status in the individual company computations and on the Shadow ACT matrix and Shadow ACT group carry back matrix of the Group module. If a change is made to this flag and an update is not completed, an error message will be displayed.
This flag allows the user to control which companies are included in the group payment arrangements. There is also a flag in each company file on the P schedule (Information for the return) which needs to be set. If there is an inconsistency between the company and group flags, an error message will be displayed.
It is possible to override the individual company settings from the flag in the Group module if this error appears.
This column identifies the type of group which the company has been set. For the most part this will be set to ?Main? however it may be switched between the ?POA? and ?Main?settings using the File > Link > Switch and refresh menu option if this is required.
Within simplified arrangements?
This flag allows each company to specify whether it should be included under
the provisions of CTSA simplified arrangements. Selecting "Yes", the default
setting, will include the company in the P
schedule (Simplified arrangements group statement). This replaces the statement
made under SP 10/93 and enables an authorised company to administer group relief
claims and surrenders for all participating group members.
Note: when the group file is rolled forward, you will not be able to
update the group arrangements setting until the links have been recreated in
the usual way.
Current period trading loss offset?
This flag controls whether there is a current period loss offset made in the company under CTA 2010 s37(3)(a). The flag does not control offset under CTA 2009 s459(1)(a) (loan relationship deficits).
When changing this flag, an Update required error may appear, as this
flag sets the current period loss offset status of the underlying company file
also. To update the underlying company, select File > Link > Update companies.
This column states whether or not the company is under enquiry as this requirement was brought in under the new CTSA group simplified arrangements. The enquiry flag should be set at an individual company level (or through the Cortax system) from the status dialog box, from the File menu.
Include in projected group payments?
This flag determines whether the companies are within the payment arrangements for the projected period of account and hence whether they appear on the S schedule (Group payments on account). If "Yes" is selected in this column, the Include in group payments column will default to "Yes" when the computation is carried forward to the next year.
Order
You are able to define the order in which companies are listed on all group schedules, based on the order in which they appear on the Group members (O) schedule. For more information, see Ordering companies within group module.
This will normally show "OK". If any of the group summaries for earlier years are in error, for example, Update required, it will show Prior year in error.
Group type
The options available under this flag are Main, Payments on account only and Read only and are used to perform the following:Main - this allows all updates.
Payments on account only - allows updates of the companies' tax payments.
Read only - will not post updates to the group companies.
It is possible to have two different functions for the group file - where the Main setting has been selected, this will perform all updates of group relief, payments on account, surrender of ACT etc whereas the POA setting applies to the allocation of group payments only.
Note: The Row properties dialog is enabled on this schedule and may be useful when entering data.
Not applicable
Not applicable
Not applicable
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