 |
 |
|
|
The Revenue has repaid interest to the company which I have posted to an interest account but this is being included in the Loan Relationships although it is not taxable.
For client specific changes select Edit | Business Tax Accounts
Select the Interest receivable gross category. Highlight the account to which the Revenue's interest is posted and select Delete to remove the account.
This removes the account from the Non-Trading Loan Relationship total but also has the effect of leaving the interest in the Trade computation. You will need to make a disallowed income posting to correct the Trade computation.
For a global change select Setup | Business Tax Accounts and click OK to the chart. Remove the account code from Interest receivable gross.
Remember that interest received on overpaid corporation tax for CTAPS ending after 30 June 1999 is taxable as a non-trading loan relationship credit.
Interest payable on overdue corporation tax for CTAPs ending after 30 June 1999 is deductible for corporation tax purposes as a non-trading loan relationship debit.)