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A schedule - Group summary |
See Also
B schedule - Group relief matrix | E schedule - Notional gains/losses transfers matrix | Group deferred taxation summary | O schedule - Group members | 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 lists the companies in the group together with the summary tax position for each. This schedule does not require data entry for group members whose computations have been prepared using the software, as the necessary data will be extracted from the individual company computations and group module schedules.
Consortium companies
A selector flag at the foot of the schedule is set by default to Yes in order to include profits/losses of consortium companies. When a consortium company is included in a group relief arrangement, it is necessary to show the effect of claims/surrenders on the return of the consortium company; the consortium company may also claim/surrender group relief from outside the group relief arrangement, which will not be shown on the Group A schedule
Note: it may be necessary to delete the consortium company from the O schedule (Group members) and then link the company back into the group in order for the consortium company details to be shown (depending whether the file was linked in before this new functionality was added to the A schedule).
Presentation of nil entries
Some columns with nil entries are suppressed on the screen and printout.
This schedule is automatically developed in every group file.
Each of the various column headings are described below:
This shows the company name as shown in the computation. If the period is non coterminous with the group period, or the company has joined or left the group in the period, the accounting period for the company is also shown.
Companies with long periods of account are shown on two separate rows, one for each accounting period.
If a company's accounting period shares no common date with the group summary period, it will not be displayed.
This shows the status of the computations within square brackets, as set in the underlying computations, (i.e. Draft/Review/Revenue/Agreed/Under Enquiry).
Use this column, located to the left of the Profits column, to override the figures drawn from the computation. This is useful when the computations are incomplete.
This shows the total profits against which losses can be offset. This is after any loss relief in the computation itself; for example, if a company has a trading loss offset against annual payments not otherwise charged income, then the profits shown will be the amount after this loss offset.
This shows allowable losses in the computation. Losses available for group relief on the B schedule (Group relief matrix) may be different, for example where there are brought forward management expenses.
In the same way as for available profits above, this amount is shown after any loss offsets in the computation. Users will need to review whether losses are available for surrender before group relief, and if so, amendments should be made in the individual company computations.
This shows losses brought back from later periods in the underlying computations, and set against the total profits. This column will only be visible if losses are brought back in any of the computations.
This shows losses carried back to earlier periods in the underlying computations. This column will only be visible if any losses are carried back.
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.
This shows group relief either claimed or surrendered as summarised in the B schedule (Group relief matrix).
This shows profits after group relief.
This shows tax payable (before offset of DTR and ACT) on the net profits as computed. Note that if the underlying computations have not been updated, marginal relief may not be calculated accurately in computing tax. See also Updating the computations
This shows double tax relief offset in the underlying computations. The group module will provide an estimate of the DTR available but this can only be accurately calculated by updating the computation. This column will only be visible if there is DTR present.
This is a subtotal of all the above columns.
This shows the corporation tax paid by the company.
This shows any tax credits other than ACT or DTR shown in the underlying computations. For example, income tax recoverable.
Tax payments (claimed) or surrendered
This shows the transfer of surplus tax payments between group companies.
This shows the net tax due or overpaid after ACT, double tax relief and the transfer of tax payments.
This shows ACT carried forward by the company after the revised ACT surrenders.
This shows the Shadow ACT carried forward.
Any non-qualifying distribution under the old rules generates Shadow ACT under the new rules. The amount of Shadow ACT carried forward restricts the offset of surplus ACT.
This shows trade losses carried forward after the revised loss surrenders. This figure will include losses not available for group relief, for example where brought forward losses are being carried forward.
This shows surplus capital allowances by discharge or repayment of tax carried forward.
This shows any expenses of management carried forward.
This shows any UK property losses carried forward for group files ending in or after FY 1998, when the rules relating to UK property losses were amended.
This shows any non-trade loan relationship deficits carried forward for group files ending in or after FY 1998.
This shows any capital losses carried forward.
Connected party capital losses c/f
This shows any related party capital losses carried forward in aggregate for group files ending in or after FY 1998.
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.
Error | How to
solve it |
| This file contains estimated information. | This error is a warning to remind the user that the figures entered are estimates and the estimated figures should be removed once the final figures are known. |
© 2009 Thomson Reuters.