The Corporation Tax report gives you the opportunity to adjust your Corporation Tax liability and to calculate the tax from the relevant accounting year. If you are unsure about adding and changing values in this report then we advise you to consult your accountant or tax adviser. Learn how to manage Reports and how to manage MTD.
How do I Access Tax Corporation Reports ?
Select Reports from the side bar menu.
Click on the arrow next to Corporation Tax.
Select the time period where you can choose either the current accounting year or from the previous accounting years that you have been using hAIbooks.
Click on Update.
How do I Add a Disallowable Expense ?
In the expenses part of the Tax Corporation report the fields are prefilled by the system as they are normally not allowable for tax purposes but they can be edited.
You can add expenses that are not allowable for tax purposes and so will be added to your profit calculation. To do this click on Add Expense.
You need to add an expense that has a value and those values are taken from the accounts.
Click on Add Expense when you have chosen the expense.
How do I Add a Non-Taxable Income ?
In the expenses part of the Tax Corporation report the fields are prefilled by the system normally for tax adjustment but you can edit them.
You can add non-taxable income who are normally non-taxable in Tax Corporation. To do this click on Add non-taxable income.
You need to add a non-taxable income that has a value and those values are taken from the accounts.
Click on Add non-taxable income when you have chosen the income.
How do I Adjust the Capital Allowances ?
In this section the fields are prefilled by the system from accounting records.
You can adjust these fields manually but you need to consult your accountant or tax adviser if you are unsure.
How do I Save My Changes ?
To save your adjustments, select Save entered values at the top of the report.
If you select Discard Changes which is also at the top of the page, hAIbooks will not save your changes and will return to the last saved version of the report.
If you change an account balance, and the new value differs from its value in the report, hAIbooks will offer to recalculate your Corporation Tax using the new balances values.