Profit and loss account
Before attempting to complete Profit and lossyou should ensure that all of the company's activities have been added. Use Business activities to add any new or missing activities.
Profit and loss mirrors the profit and loss section of the company accounts. Enter information about the company's income and expenditure during the period.
You can enter values on any of the non-bold rows. Highlight the row and click Edit.
The bold rows are totals and sub-totals and are populated as the sum of values entered on preceding rows.
The rows below Profit/(loss) on ordinary activities before taxation are generated from the activities entered either when setting up the client or at Business activities. Use these rows to apportion the company's profit or loss between the various activities.
You have the option to provide additional information about the figures you enter. Specifically, you can analyse, allocate and disallow each figure.
To include further details about a figure, highlight the row on which the figure appears and click Analyse.
This will open an analysis window, to enable you to enter a description and the amount of the analysed item.
To disallow a particular figure, highlight the row on which it appears and click Disallow. This will open a Disallow window, with a drop-down box for you to identify the business activity and data entry boxes for you to enter a description and the amount itself.
The disallowed figures are added back at Tax computation.
To allocate an amount to a particular activity, highlight the row on which that figure appears and click Allocate.
This will open an Allocate window, with drop-down boxes to enable you to identify:
- the type of income or expense
- whether the expense relates to is a new or existing item
- the business activity to which the amount should be attributed.
The window also includes data entry boxes, for you to enter a description of the income or expense and the amount to be allocated.
The Income/expense type options include:
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Car lease rental restriction |
Selecting this option will allocate the amount to, and open, Car lease rental restriction. |
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Charitable donations |
Selecting this option will allocate the amount to, and open, Charitable donations. |
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Miscellaneous UK income and gains |
Selecting this option will allocate the amount to, and open, UK income and gains. |
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Other overseas income |
Selecting this option will allocate the amount to, and open, Other overseas income. |
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Other UK investment income – received gross |
Selecting this option will allocate the amount to, and open, Investment income |
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Other UK investment income – received net |
Selecting this option will allocate the amount to, and open, Investment income. |
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Overseas dividend income |
Selecting this option will allocate the amount to, and open, Overseas dividend. |
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Overseas investment income |
Selecting this option will allocate the amount to, and open, Overseas income. |
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R&D expenditure |
Selecting this option will allocate the amount to, and open, R&D expenditure |
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UK dividend/distribution income |
Selecting this option will allocate the amount to, and open, UK dividend and distribution income. |
