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Corporation Tax

Digita Corporation Tax

Prepare corporate returns with ease with Digita Corporate Tax

Digita Corporation Tax software completes both the tax computation and the relevant tax forms for all chargeable periods created and in addition there is a deferred tax calculator which can be used to calculate the amounts required for provision under FRS 19.

The defining feature of Digita Corporation Tax is ease of use. This application has been developed in a true Microsoft Windows environment from the outset, using the most up to date technology which has enabled the 'web-like' feel that makes it so intuitive.

Digita Corporation Tax automatically calculates profits chargeable to corporation tax for trading and investment companies, and the mainstream corporation tax chargeable incorporating marginal small companies relief (if applicable). It will also apply the correct tax rates applicable to both Close Investment Holding Companies and Open Ended Investment Companies. Capital allowance and balancing charges are calculated for each chargeable period, and it also supports separate capital allowance computations attributable to a Schedule A business. All classes of assets are supported, including Environmentally Friendly Assets, and Research and Development.

Additionally, it covers the more complex areas such as Research and Development tax credits and Non-corporate distributions.

For research and development, all you need to do is enter the total qualifying expenditure for the period and Digita Corporation Tax will determine whether the tax credits are applicable and if there are restrictions on the surrender of losses generated from research and development, both in terms of other profits generated and the PAYE amounts paid during the period. Similarly, for non-corporate distributions, Digita Corporation Tax will calculate the maximum profits available and also apply the matching rules to the distributions made from the profits of the period. All distributions that can not be matched against the taxable profits will be carried forward automatically and absorbed against future chargeable profits. All the user needs to do is enter the distribution amounts and dates of payment and Digita Corporation Tax will complete the rest.

Key Features

Storage of Company Details

Create and store client static data, client code, address, references, contact details and accounting periods. All static data is carried forward from one period to the next.

Long Accounting Period

For accounting periods that are greater than 12 months, Digita Corporation Tax will create two chargeable periods and will automatically apportion income and expenditure where necessary.

Loans to Participators

Calculates charges under s.419 ICTA 1988 for new loans created in the chargeable period and deducts any repayments made 9 months and a day after the chargeable period year end. The charges calculated for the period will appear on both the CT600 and CT600A and will also filter through to the tax account section of the deferred tax calculator. Additionally, any repayments made on outstanding loans brought forward that generate a refund the refund, then will be calculated and filtered through to the deferred tax calculator.

Fixed Asset Reconciliation

A breakdown of the balance sheet fixed asset values into qualifying and non-qualifying assets, thus providing a full breakdown of all fixed asset additions and disposals in the tax computation for inspection by HM Revenue & Customs.

Expensive Car Lease Restriction

Enter the list price of all cars and the charges for the period and Digita Corporation Tax will calculate the disallowable amount for the period and filter the amount direct into the deferred tax, proof of tax calculation.

User Management

Create individual users that can be assigned to companies for client management purposes. User names are used when logging in, thus improving the security of your client data. In addition, user names will automatically appear against tasks completed in the Tracker.

Importing Data

Static data, Participator data, Turnover, Profit / (Loss) and balance sheet fixed asset values from Digita Accounts Production. The ability to update static data and officer information from Digita Company Secretarial.

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Digita Corporation Tax Prepare corporate returns with ease with Digita Corporate Tax

Enter the list price of all cars and the charges for the period and Digita Corporation Tax will calculate the disallowable amount for the period and filter the amount direct into the deferred tax, proof of tax calculation.

Digita Corporation Tax

Prepare corporate returns with ease with Digita Corporate Tax