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Current period income and losses |
See Also
A schedule - Group summary | B schedule - Group relief matrix | F schedules - Tax accounting: deferred taxation overview | Investment companies | Non Abacus company | Summary of capital allowances per return
Select from the following headings:
Background | Developing the schedule | Completing the Schedule | Standard Sub-Schedules | Carry Forward | Related Errors
Schedule 'A2' analyses the current period income. It also shows losses, capital allowances and reliefs set against income to arrive at the net taxable profits. This schedule does not require any data entry for group members who have prepared their computations using the software, as the necessary data will be extracted from the individual company computations and the group module schedules.
This schedule is automatically developed in every group file.
Some of the column headings are described in more detail:
Trading profits before allowances
The adjusted trading profit before capital allowances must be entered manually for Investment companies and Non Abacus companies.
Capital allowances
This figure is nil if no allowances are claimed. For investment companies where the allowances are given as expenses of management, they are included within Expenses of management on this schedule; however, the allowances can be seen on the A3 schedule (Summary of capital allowances per return).
Net trading profits
Trading profits, after the deduction of capital allowances.
Annual payments not otherwise charged, Foreign income, Miscellaneous income and gains and UK property income
These amounts are derived from the underlying computations.
Expenses of management and other reliefs
This column shows the expenses of management and charges on income actually used by the company in the period.
For 2008 onwards, this is a group of columns including:
Losses brought back
Losses of subsequent periods set against current period profits in the computation.
Unused loan relationships deficits
Non trade loan relationship deficits not set off against profits.
Other group periods
If a company does not correspond exactly to a group summary period, it can be attached to a total of two group summaries, one for the first part of the period, and one for the second part.
This column shows losses surrendered in such a period as recorded in the underlying computations.
Group relief
This is the figure shown on the B schedule (Group relief matrix) for group relief claimed.
Non Abacus Companies
Details for companies where the computations have not been prepared using the software should be entered on the appropriate Non Abacus company schedule. This schedule may be developed from any of the principal schedules. The detailed breakdown of income should be entered on the Current period summary schedule. Deferred tax details should be entered on the relevant F schedule.
None
Error | How to
solve it |
| Analyse | This error appears if information entered into this schedule is not completed on the N schedule. This error can be solved by ensuring that all the relevant information is entered into the N schedule. |
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