Corporation Tax Manager: FAQs   Back To Main FAQs

Please phone the Taxshield team on 0870 609 1918 – one of us will be able to help you.

While you are running the Personal Tax Manager Professional programme, click the “Help” tab in the top left-hand corner. Then click the “General” tab to show which version is currently in use.

Yes – all Taxshield software is approved by the Inland Revenue.

Please check that you have installed the software into the same directory as your previous Taxshield installation. If you still need help, call our support team on 0870 609 1918.

Just call the Taxshield sales team on 0870 609 1918. Increasing the number of licences you have is a quick and simple process, which can be done over the phone.

Any Taxshield software updates throughout the year will be dispatched to you, as a client, automatically.

Taxshield’s Corporation Tax Manager is currently a stand-alone system.

No – Taxshield’s Corporation Tax Manager does not calculate instalment payments.

Taxshield’s Corporation Tax Manager is not designed for tax planning.

Yes, you can carry back losses using Taxshield’s Corporation Tax Manager. By selecting the “Loss/excess utilisation” worksheet, the software will enable you to enter the value of the loss brought back from a subsequent period.

Firstly, please select the accounting period for which the losses are being used.

Depending on the source of the loss there is a specific box for an entry to be made.

Once the amount of loss has been entered, the tax computation worksheet will calculate the revised corporation tax liability.

This worksheet can also be used to carry forward losses and also to show the losses in the current accounting period that is to be carried back to a previous accounting period.

Yes. By selecting the “Adjustments to profit” worksheet you can choose from a selection of income and expenditure headings that are already built into Corporation Tax Manager.

Alternatively, by selecting the “Other” tab, you can create extra income/expense schedules. There is a choice of schedule that you can choose from either:

a) Other income/expense adjustment
to provide detailed P/L analysis and disallow certain amounts. Please note that any adjustments made will only affect Schedule D Case I profit/loss.

These schedules will calculate the total value of the amounts entered and will cross-check the balance to the amount entered at the top of the individual worksheet.

b) Other supporting schedules
to provide a breakdown of an account – for example, other debtors, other creditors, a director’s current account supporting a balance presented in the accompanying financial statements. There are no format or calculation functions set on this type of schedule.

Car leasing
By selecting the “Car leasing” option from the “Adjustments to profit – Expenses analysis” worksheet, you can enter the details of original cost, total lease cost and also the maintenance element.

Corporation Tax Manager will automatically calculate the amount that is disallowable and enter the adjustment on the tax computation. When printing the tax computation the report will show a detailed breakdown of the calculations made to arrive at the disallowable amount.

Expensive car allowances
Under the “Capital Allowances” worksheet you can create an “Expensive car” computation for the three sources of income available on the screen. Once selected, a worksheet will appear on the left-hand side. By selecting this worksheet you can enter each car individually by either starting with an opening balance (acquired from a computation not prepared on CTM) or an addition by first choosing from the smaller icons at the top of the worksheet.

The software will automatically claim the appropriate allowances for each vehicle in the accounting period.

Yes. By selecting the “Research and Development” option from the “Capital allowances – other” worksheet, you can enter both capital and revenue expenditure.

Capital expenditure
Choose from the smaller icons at the top of the worksheet and enter the details as necessary to claim the research allowance at 100 per cent.

Revenue expenditure
Enter the details on the table provided and in the last column select the appropriate rate to be used depending at which rate allowance can be claimed.

There is a separate worksheet for entering the details of each capital disposal.

The details of each disposal can be entered by selecting the “Add disposal” icon at the top of the screen and then providing the information as requested.

The software does not have a library of indexation rates, therefore you must calculate this beforehand and enter the amount of the indexation allowance to be claimed when prompted.

This also applies to any reliefs to be claimed.

Any losses brought forward on the “Loss/excess utilisation” worksheet will automatically be claimed should a capital gain arise, likewise any losses to be carried forward will be reflected in the same worksheet when the computation is rolled forward into the next accounting period.

Yes. The software has three separate sections specifically for capital allowances, industrial-buildings allowance and agricultural-buildings allowance.

Capital allowances
This section allows the user to select from a variety of computations that can be prepared under the following sources of income:
Schedule D Case I
Schedule A
Overseas Property

There is a further option that enables you to enter the relevant details for other allowances, non-trade allowances and research and development.

The software has two formats of inputting information depending on the computation required:

1. A basic tabular format enables the user to fill in the details in a table under each relevant heading reflecting the movements within a specific accounting period and the computation is generated showing the total figures and also provides a separate analysis for additions and disposals. This format is used on general pool, long life assets and business premises renovation allowances.

2. A more detailed format whereby each item is entered individually. The history of acquisitions, disposals and WDV brought forward is managed individually and the summary also displays each item separately. This format is used for all other computations available on the software.

The computations for short life assets have a link with general pool in that once the short life term has expired the software will automatically roll forward the written down values into the general pool. You will see these items on the “Transfers” tab with the general pool worksheet. This screen is also used for intra-group transfers.

Industrial buildings and Agricultural buildings allowance
There are separate worksheets for IBA and ABA – you will see these on the left-hand side of your screen.

On entering the relevant worksheet you can select how many buildings are required. Individual worksheets will be produced depending on how many you set up.

Each worksheet uses the basic tabular format.

A separate computation is produced for each building created.

Each worksheet deals with expenditure from previous years, current year expenditure and disposals specific to the building details entered.

The residue balances carried forward are rolled forward each year when a new computation is created and you have selected for the data to be rolled forward.

Likewise, once a full disposal has occurred only the un-disposed buildings will be rolled forward into the next accounting period.

We are currently developing the software to enable multiple trades. However, at the moment only one Schedule D Case I trade can be dealt with in any one computation.

Investment companies – purely Schedule A
The software has a facility to prepare a computation for Investment companies without Schedule D Case I trading income.

To set up this facility you should return to the main screen detailing all companies. Having highlighted the chosen company then select the “Edit Company” option on the left-hand side. This will open into the “Edit company” wizard. Select “Next” and the screen will enable the user to select the “Investment company” option along with the agent address and staff name option.

To set up the Schedule A worksheets, please select the option from the “Adjustments to profit – income analysis” worksheet. In this worksheet there is also an option to select profit / loss on disposals purely for Schedule A and on the “Others” tab there is a separate option for entering capital items expensed purely for Schedule A.

On entering the computations for investment companies you will see that certain worksheets are not available – this is because they are purely for adjusting the Schedule D Case I computation, and by disabling them you can be sure that the Schedule A computations are calculated correctly.

Trading company with Schedule A income
You will need to ensure that the “Investment Company” option as mentioned above is not selected.

To set up the Schedule A worksheets and other screens purely for Schedule A, please follow the same instructions as mentioned above.

There is also a facility to select the type of company from the first screen when entering into a computation. On the “Company - Details” worksheet you can select from a list the heading that best suits the description of your company.

Yes. On the left-hand side there is a separate worksheet titled “Supplementary Pages”.

Within this worksheet, you can choose the following supplementary pages:
1. Group and consortium
2. Insurance
3. Charity and CASCs
4. Loans to participators and close companies
5. Controlled foreign companies
6. Cross border royalties
7. Corporate venturing schemes
8. Disclosure of tax avoidance schemes

For items 4, 5, 6 and 7, you can select the number of supplementary pages required.

By choosing one of the options available a separate worksheet will appear on the left hand side. Each one should be completed as instructed.

Yes. Most sections of the software have built-in calculation and validation checks that automatically cross-check certain balances.

There are two types of warnings:
Red: error messages
Yellow: validation and calculation checks.

Red warnings are produced when data is missing that forms part of the calculation. For example: dates, tax rates and missing amounts. You will not be able to produce a tax computation until the problems causing the warnings have been rectified.

Yellow warnings are usually produced when there is an “out of balance”. The software will still be able to calculate and produce a tax computation, but the unmatched balances will need to be corrected to ensure that the final calculations are correct.

Each of the warnings can be printed for future reference.

The types of calculation and validation checks built into the software are as follows:

Fixed Assets Summary
The totals entered for additions, disposals and intra-group transfers are cross-checked with the movements analysed in the relevant capital-allowance computations.

The total entered for depreciation is cross-checked with the amount entered in the “Adjustment to profit” worksheet.

Profit / Loss on disposal – Sch DI and Sch A and Capital items expensed – Sch DI and Sch A
Amounts as analysed on the “Adjustments to profit” worksheets are cross-checked with the amounts entered in the relevant capital allowance computations.

Income / expense analysis
The amounts as analysed are cross-checked with the total amount per accounts entered at the top of each worksheet.

The software is also date-sensitive and will produce a warning where the date entered does not fall within the accounting period covered by the computation.

Yes! Taxshield is designed by accountants for accountants, so you’ll find it easy and logical to use.

The software is designed to manage as few as three or up to a maximum of 3000 companies – depending on the size of product you subscribe to. Within each company the software is capable of dealing with separate computations, so therefore a full corporation tax history can be managed all in one package.

Yes – a free evaluation module is available. You can download it here, or please call our helpdesk on 0870 609 1918 where a member of our technical-support team will arrange for a free evaluation module to be sent to you.

Yes – the software is able to work as both a standalone product and on a network for multi users.

There is also a facility to back up computations from one source and restore to another – that is, back up to a standalone version when audit staff are working out of the office and then restore the same computation to the main network when they have returned back to the office.

The restore facility will overwrite the existing computation on the system. The back-up and restore functions can work on all companies in one go or on a selected company.

The software works for all accounting periods commencing from the start of the self-assessment regime.

The maximum period that can be covered by each individual computation is 18 months.

Periods that cover more than 18 months usually occur with newly formed companies where trading did not start until several months after formation. The computation must therefore start with the day trade commenced and not before.

Each major upgrade will allow computations to be prepared up to no later than 31 March following the Budget.

Once the new legislation and rates have been incorporated and the software has been fully tested, a new release will be distributed that will allow for the completion of computations for the new tax year.

Corporation Tax Manager is updated as soon after the Budget as possible, or whenever a major change occurs.

We are also committed to listening to requests and suggestions made to our technical-support team regarding improvements and enhancements that you feel would make our software better.

We call this the “Wish List”.

Periodically or when Budget changes are implemented, we review the Wish List for popular requests and suggestions to see if these can be incorporated in to the software. Email your additions to the Wish List to support@taxshield.co.uk.

Yes. Within each computation there is a “Memo” page.

To access the Memo page, please open the company and the individual computation that you would like to make a permanent note on. From the “Company - details” screen you will see that across the top of the worksheet there are four tabs:

Detail (the active screen); Associated companies; Tax office; Memo.

By selecting the “Memo” tab, you will see a white screen that will enable you to enter free-form text.

Memos that are entered on the latest computation will be rolled forward onto the memo page of the next computation.

Memos that are entered onto an earlier computation will not be rolled forward, but will remain as a permanent note on that specific computation.

Once a computation has been rolled forward, you can choose to remove a memo from the newest computation. This will not affect the same memo that was originally entered onto an earlier computation.

The memo pages can be printed for future reference.

To print a memo page you must first exit from the individual computation to the screen that shows all the computations for the company you are working on, or to the main list showing all of your companies.

The routine procedure is exactly the same.

1. On the left-hand side of your screen, you will see a selection of small icons. Please choose “Reports”.

2. You are now in the Report Wizard.

There are three options to choose from:
• Company Reports
• Computations and Tax Returns
• Key Events


Please select “Computations and Tax Returns” and then select “Next”.

3. You are now in the Tax Return Reports screen. Here you can see a number of options that are available. Please select “Memo” and then select “Next”.

4. You will now be presented with the list of companies on your system.

If you selected the “Reports” option from within a company then that company will be highlighted.

If not, then you should scroll down until your company is highlighted. Please select “Next”.

5. Please select the individual computation that has the memo that you want to produce. Please select “Next”.

6. Please select one of the print options.

Yes. Each individual computation has a built-in “diary” known as the “Return Control”.

The Return Control from one computation does not affect the Return Control from another computation.

To access this you must be in the relevant company and have all the computations for that company on your screen. Highlight your chosen computation and then from the selection of icons on the left-hand side, please select “Control”.

You are now in the “Return Control” for your chosen computation.

The first tab shows the “current status” of your computation.

The second shows the “history” detailing the date, action, and staff name for each event of the computation through its processing, completion to final acknowledgement by HMRC.

The third tab shows a “Key Event” control whereby you can set up fixed events and dates that you want the software to search on when monitoring specific deadlines.

To add/edit or delete control and key event entries you must access the configuration settings of the software. Any modifications to the configuration settings will affect all companies and all computations.

Yes. Using the Corporation Tax Manager, you have access to the following modules:

1. CT600 form filler. Details are entered directly into numbered boxes that correspond with those on the form CT600. A computerised version of the Form CT600 together with supplementary pages is produced from the information entered. A corporation tax computation is not available with this module.

2. Tax computation and Form CT600 – details are entered onto worksheets that, once completed, will calculate and produce a fully detailed computerised corporation tax computation and will also copy all relevant data directly onto a computerised version of the Form CT600 including supplementary pages where requested.