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1 Alphatax UK Release Notes including Alphalife Autumn 2015

2 Alphatax and Alphalife software may not be copied, photocopied, reproduced, translated, or reduced to any electronic medium or machine-readable form, in whole or in part, without the express written permission of: Tax Computer Systems Limited Centurion House London Road Staines TW18 4AX Tel: +44 (0) Fax: +44 (0) Web: Autumn 2015 Copyright Tax Computer Systems Limited All rights reserved Alphatax, Alphapack, Alphatag are all registered trademarks of Tax Computer Systems Limited

3 Contents Introduction... 5 Important notes... 5 Installation... 6 Templates... 7 Complimentary products... 7 Finance Acts... 8 Finance Act Summer Finance Bill Legislative changes not included in this edition Capital allowances Annual investment allowance (AIA) Short life assets Ships Capital disposals Usability support Simplified navigator E-Filing XBRL CT taxonomy changes XBRL Detailed profit and loss account (DPL) CT600 (version 3) Other e-filing changes Returns and forms Annual Tax on Enveloped Dwellings (ATED) Return Specialist companies Partnerships Non-resident companies Creative industries Ring fence companies Life tax companies (Alphalife) Autumn

4 Contents Miscellaneous changes Research and development tax credits Group relief Pension schemes Overseas income Presentation Freeformat templates Other changes Optional modules Report Designer Accounts Integration for Accounts Analysis (AI for AA) Accounts analysis Alphapack Group Tax Accounting Template revisions Alphatax Release Notes

5 Introduction Introduction Welcome to the Alphatax UK and Alphalife Autumn 2015 edition. Key features of this release include: A number of changes announced in Summer Finance Bill 2015 including decreases in the main rate of corporation tax, a change to the annual investment allowance limit, and reductions to the bank levy. Items legislated in Finance Act 2015 which were not included in the Alphatax UK Spring 2015 edition: o Support for the investment allowance calculation for reduction of the ring fence supplementary charge. o Restrictions to the offset of carried forward losses where tax avoidance schemes have been entered into. Other miscellaneous enhancements. Note. Please refer to the Life tax companies section on page 20 for details of changes and enhancements for Life companies. Important notes At the time of release the Summer Finance Bill 2015 has not received Royal Assent. Where applicable this edition currently assumes the date of Royal Assent will be 5 November If the date of Royal Assent differs from this date then TCSL will amend this via an update to the Tax Table file available for download via our website. HMRC plan to release an update to the CT XBRL taxonomies in October 2015 to cater for recent tax legislative changes. The new taxonomies were not available for testing at the time this edition was finalised and so are not supported in this release. We plan to release a patch to cater for these changes in due course. Please note that changes included in the taxonomies are minor and will not affect most companies. See page 15 for further details. We have made a change for film tax companies to allow applicable Finance Act rules to be applied independently of the accounting period. We advise that earlier period computations are reviewed to ensure that the correct rules are applied based on the date of completion of Principal Photography (PP). See page 19 for details. Autumn

6 Installations Installation Your 16 digit Alphatax Installation Key is provided with the letter you received announcing the release. It is important that the Alphatax Installation Key is entered on the download site and at the installation. Please download the copy of Alphatax from the releases download site which will require you to enter in your address and your 16 digit Alphatax Installation Key. This will generate an automated with a unique URL which will be sent to your address. The URL will then allow you to download the Alphatax installer along with other applications which you are registered to use and also installation guides and release notes. The download should be completed in a few minutes depending on the Internet traffic. Click on Alphatax Installer Autumn 151.exe to initiate the installation process for which the Alphatax Installation Key will again be required. Press the Enter key at the prompts. This will override the old version of Alphatax. Enterprise users, using the Oracle or MSSQL databases, should also run the database update script from within the Enterprise Manager utility. The database version is now 32. The Enterprise Manger is automatically extracted from within the Alphatax Installer package. The Enterprise Manager Guide should be downloaded as it provides full explanation. For detailed information on the installation process refer to the Alphatax UK Installation Guide which can be retrieved from the user documentation section of the downloads screen. 6 Alphatax Release Notes

7 Installation Templates The installation will reinstall the standard Alphatax templates to ensure that you have the latest version. To allow you to retrieve your own versions of these templates, if applicable, the old templates are stored in a new folder called BACKUPVn where n is a number incremented for each new installation. Note that this part of the process may take some time. A progress bar displays the names of templates as they are being copied. Folders called BACKUPUn created in the Spring 2015 release are removed with this release. A number of existing company and statement templates have been revised as part of the Autumn 2015 edition. See the Template revisons section on page 27 for full details. Complimentary products We have made available three optional applications which may also be downloaded: Alphatag DPL E-Filing Manager Alphaview Translates a detailed profit & loss Word or Excel document in order to meet HMRC s new ixbrl requirements applying from 1 April Simplifies the control of available options when submitting documents to HMRC. An ixbrl review tool Note. It is important the current version of the complimentary products are downloaded and installed. Autumn

8 Finance Acts Finance Acts IMPORTANT NOTICE This edition includes a number of changes arising in the Summer Finance Bill Note that this Alphatax edition was released prior to Royal Assent of the provisions in this Bill and so some of these items may be subject to further change. Where applicable this edition currently assumes the date of Royal Assent will be 5 November If the date of Royal Assent differs from this date then TCSL will amend this via an update to the Tax Table file available for download via our website. Finance Act 2015 This edition includes a small number of items that were legislated in Finance Act 2015 but where there was insufficient time to include these items in the Alphatax UK Spring 2015 edition due to the complexity of the changes involved. Investment allowance Finance Act 2015 included a new allowance for ring fence companies in the form of the investment allowance. This is a new form of relief for capital expenditure incurred by a company in relation to qualifying oil fields. The relief will replace field allowances for periods ending on or after 1 April 2015, with transitional provisions where applicable. The allowance permits a deduction of up to 62.5% of relievable capital expenditure in relation to a qualifying oil field against ring fence profits subject to the supplementary charge. The new regime applies to expenditure incurred on or after 1 April In applicable periods, the current Pool of field allowances input statement has been amended to transition to Investment allowances. The relevant statements are included in the CT600 supplementary forms, Ring fence supplementary charge (CT600I) section of the contents tree. Details of capital expenditure together with relevant income earned in the accounting period can be entered in Alphatax on a field-by-field basis. Alphatax will calculate the activated allowance for each field. The cumulative total amount of activated allowance from all fields is then allowed as a deduction from the company s ring fence profits subject to the supplementary charge. 8 Alphatax Release Notes

9 Finance Acts Alphatax calculations have been designed to cover a wide variety of scenarios, including multiple changes in equity share within a period and the resulting reference period treatment as set out in the new legislation. The calculation also deals with the complex transitional rules when moving from field allowances to investment allowances. See Alphatax help for further details of the legislation and guidance on completing the input statement. Anti-avoidance: Restriction to carried forward losses Finance Act 2015 introduced a restriction on the use of certain losses carried forward where particular types of tax avoidance schemes have been entered into. The restriction applies to trading losses, non-trade loan relationship deficits and management expenses carried forward for accounting periods ending on or after 18 March New inputs have been added in each loss stream to allow users to identify the amount of the brought forward loss that is not available for relief in the period. Summer Finance Bill 2015 Summer Finance Bill 2015 was published on 15 July. The following items have been included in this Alphatax edition. Note that the Bill has not received Royal Assent and so the provisions below may be subject to further change. Corporation tax rate decrease The main rate of corporation tax is being reduced from 20% to 19% with effect from 1 April 2017 and to 18% from 1 April Alphatax has been updated to reflect these rates. Note that as both rates are legislated within Summer Finance Bill 2015, both will be substantively enacted when the Bill has passed through the House of Commons. For periods ending on or after substantive enactment, it may be appropriate to recognise deferred tax at the amended rate applicable to the period. This Alphatax edition assumes that the Bill will be treated as substantively enacted on 5 November When the Bill has passed through the House of Commons this date will be updated, if necessary, via a table file update. Annual investment allowance (AIA) limit change The permanent level of the annual investment allowance (AIA) has been increased from 25,000 to 200,000 for all qualifying investment in plant and machinery made on or after 1 January Autumn

10 Finance Acts Loss restriction against CFC profits Legislation has been introduced to prevent losses and other surplus expenses from being offset against the CFC charge on the profits of controlled foreign companies (CFCs). The measure removes the ability of UK companies to reduce or eliminate a CFC charge by offsetting UK losses and surplus expenses against that CFC charge. More specifically, the measure prevents the use of the following three types of expenses against a CFC charge: losses and surplus expenses brought forward from previous years losses and surplus expenses of the current year losses and surplus expenses arising in other group companies (group relief). In Alphatax the Relevant allowances claimed section of the Controlled foreign companies (CT600B) input statement has been suppressed in accounting periods that start on or after 8 July Inputs relating to the offset of losses against the CFC charge have also been suppressed in a number of loss statements, including those relating to trade losses and non-trade deficits on loan relationships. Restricting relief for goodwill on acquisition The amortisation of goodwill acquired or created after 7 July 2015 no longer qualifies for tax relief prior to the period in which the goodwill is disposed of. Additionally, any tax relief available at disposal is treated as a non-trading item. Users should identify intangible assets to which these new rules apply using the new flag in the accessory form Goodwill or other asset to which restrictions apply under s816a CTA 2009? Alphatax will restrict the calculations accordingly. This legislation replaces the provisions of ss849b-849d CTA 2009 which were recently added by Finance Act Accordingly, we have removed the relevant accessory statement flags for periods of account beginning after 7 July Given the short window in which these provisions apply, we have taken the opportunity to redesign the way the restrictions are calculated and presented in the computation. These changes are largely presentational only, but they will affect the TWDV carried forward for these intangibles in existing files, which has tax accounting implications. Please contact Technical support for further information. Bank levy reduction For periods ending on or after 1 January 2016 the rate of the bank levy will decrease from 0.105% for long term chargeable liabilities and from 0.21% for 10 Alphatax Release Notes

11 Finance Acts short term chargeable liabilities to the rates outlined below. Alphatax has been updated to reflect these rates. Rate for period from 1 January to 31 December Rate for long term chargeable equity and liabilities Rate for short term chargeable liabilities % 0.18% % 0.17% % 0.16% % 0.15% % 0.14% 2021 onwards 0.050% 0.10% We have also made a number of changes to the logic used in the bank levy calculation to improve the automatic application of (multiple) rate changes in a period of account. This will allow finer control of the calculation via table rate updates between Alphatax releases. Legislative changes not included in this edition Summer Finance Bill 2015 includes the introduction of a new surcharge on banking companies. Due to the draft legislation being made available on 8 July and the complexities around streaming losses for the purposes of this legislation, this change has not been included in the Alphatax UK Autumn 2015 edition. We plan to include these changes in the Alphatax UK Spring 2016 edition. Alphatax does not include changes relating to relief for makers of children s television programs in this edition as HMRC have not yet released a CT taxonomy which supports these claims. HMRC will release a taxonomy to support these claims in October We will release a patch to this edition to cater for these claims as and when we can test the updated taxonomy. See page 15 for further details. The children s television relief rules mirror existing television relief rules, so for the time being, users can prepare computations using the existing Is this a television production trade? flag in the trade Accounts adjustments input statement. The only step which is not supported in this edition is the inclusion of Children s television in the Type of television production (XBRL classification) input which is a required element on the trade Accounts adjustments input statement when a trade is marked as a television production. Autumn

12 Capital allowances Capital allowances Annual investment allowance (AIA) In order to aid review of the Annual investment allowance statement a new Allowance remaining section has been added to the input statement. The calculation of the available AIA has been amended to resolve a calculation issue which arose in periods that spanned two limit changes and in which the monthly calculation basis was used. Short life assets The cost adjustment input in the second period of a long period of account has been removed in line with similar adjustments in other Alphatax calculations. Adjustments to the brought forward amount should be made in the first period. A minor display issue has been resolved in which the Transfer in cost amount did not display correctly in report mode in some scenarios. The report display rules have been updated to correct this. Calculations are not affected by this change. Ships A minor display issue has been resolved on the Ships capital allowance report which gave rise to an invalid subtotal in the report in scenarios where a ship was disposed of in the first accounting period and then an addition was made to the same ship in the second accounting period. We do not believe that any users will have experienced this issue on the basis that a ship pool should represent an individual ship. 12 Alphatax Release Notes

13 Capital disposals Capital disposals A display issue has been resolved in the share pool calculation report which could lead to the display of duplicated rows in scenarios where a disposal was made from the share pool pre March Calculations are not affected by this change. We have corrected a minor casting issue on the share pool calculation report statement where a bonus issue applied to a pool that was subsequently rebased to the March 1982 market value. The post 1982 pool value and resulting calculations are unchanged. Autumn

14 Usability Usability support The Support option is an invaluable tool which allows you to generate an to the TCSL Support team direct from Alphatax. By default the zipped file attached to the generated will include a copy of the computation, as well as a number of other system files that are of use to the Support team in tracking down the reason for any issues. When using the Support option, we recognise that some users may not wish to include copies of the computation within the . We have added a selection box as part of the Support option in order to allow users to select which files to include in the generated . Simplified navigator The simplified navigator display rules have been amended to ensure that the Division consolidation statement always displays in a trading company with divisions free format template statements in use. 14 Alphatax Release Notes

15 E-Filing E-Filing XBRL CT taxonomy changes HMRC plan to issue new 2015 computation XBRL taxonomies during October The Alphatax UK Autumn 2015 edition does not currently support the use of these taxonomies as this edition was finalised prior to these taxonomies being published. Only a small number of changes are expected to be included in the taxonomy update. These include: Support for children s television tax credit claims (See page 11) Addition of new XBRL tags to identify bank loss restrictions. We plan to release a patch to include support for the above items after we have had the opportunity to test these changes. We have been advised that developer test facilities will be made available towards the end of September The majority of companies will not be affected by the above taxonomy changes and can continue to use the 2014 computation XBRL taxonomies supported in this edition without issue. XBRL Detailed profit and loss account (DPL) A small number of DPL descriptions have been amended to match the sign convention of the related Alphatax inputs. A minor display issue has been corrected in the Detailed profit and loss analysis statement which prevented a subtotal being displayed for items classified as Purchase of raw materials and consumables. Where the DPL has been completed in the computation and users subsequently import a set of accounts containing a tagged DPL, the DPL in the computation will be suppressed and the DPL in the accounts will take precedence. In previous editions the Detailed profit and loss account analysis statement was not suppressed in line with the lead Detailed profit and loss account statement in this scenario. This issue has been resolved. In previous Alphatax editions footnotes attached to the DPL were not included in the generated XBRL document. Relevant footnotes will be included if the computation is reassembled in this edition. Autumn

16 E-Filing CT600 (version 3) The following changes relate to e-filing under the CT600 (version 3), which is applicable for accounting periods starting on or after 1 April We have amended the population of box 625 of the CT600 (version 3) in line with the latest HMRC guidance. Where applicable, the Number of 51% group companies will now be displayed automatically for all companies. The Disclose number of associated companies in CT600 for large company? flag has been removed from the Related 51% group companies input statement accordingly. The Spring 2015 edition of Alphatax did not enforce that Other attachments were required when the company had marked the Supply notices of consent to surrender? flag as Yes when filing returns using CT600 (version 3). This edition enforces this requirement in line with HMRC validation checks. A diagnostic has been added to advise that a Gross tonnage entry is required when using the Tonnage tax calculations for periods in which the CT600F (2015) is in use. We have corrected an issue with the population of trade losses arising in box 780 of the CT600 for certain film tax loss scenarios which lead to a validation error upon e-filing. Other e-filing changes Alphatax has been updated to use the latest available RIM artefacts supplied by HMRC to validate e-filing packages prior to submission. A new flag Company is not registered with UK Companies House? has been introduced to the Standing data input statement. If this flag is set to Yes then the UK Companies House registered number input will be suppressed as an entry is not required. For accounting periods straddling the legislative change from associated companies to related 51% group companies upon 1 April 2015, the Spring 2015 edition of Alphatax used boxes 40 and 41 of the CT600 to disclosure where the number of associates differed from the number of related group companies. Due to restrictions imposed by the HMRC e-filing schema, this approach lead to e-filing failures in certain circumstances, and we have now been advised by HMRC that the number of related 51% group companies should be omitted from the CT600 periods straddling 1 April The number of associates only will now be returned in box 39. The Non-trade intangibles capitalised amounts report has been modified to ensure that the XBRL tags in the hidden section always display in appropriate circumstances. Additionally column display rules have been modified to disclose relevant values more efficiently. 16 Alphatax Release Notes

17 E-Filing The XBRL tagging of brought forward amounts in the Non-trade loan relationship and Management expense statements have been amended to resolve invalid duplicate XBRL tag issues in a small number of long period scenarios. Calculations are not affected by this change. On successful import of a set of ixbrl accounts the ixbrl accounts are not required and PDF accounts are being attached input is now suppressed. An invalid diagnostic displayed in previous editions when a company using the Detailed profit and loss account was marked as an insurance company completing the alternative insurance format Profit and loss account. This diagnostic has been removed. Autumn

18 Returns and forms Returns and forms Annual Tax on Enveloped Dwellings (ATED) Return We have included support for the ATED Return. The new form includes the introduction of a new 1m- 2m band together with a number of other cosmetic changes. Specialist companies Partnerships Multiple Annual Investment Analysis (AIA) limit changes AIA calculations have been amended in partnership computations using IT rules to deal with scenarios in which multiple AIA limits apply within the period of account. Non-resident companies We made a number of changes to improve the disclosure on the Income tax for non-resident companies report in the Autumn 2014 edition. As part of these changes we unintentially removed a subtotal from this report in some scenarios, in periods ending on or after 30 June The subtotal has been reinstated from this date. s940a transfers inputs have been enabled in capital allowance calculations for Non-resident landlords. We have corrected a small casting issue on the Income tax for non-resident companies report statement where the Tax payment settled after 31 January input is used. A subtotal has been added to the Income tax for non-resident companies report statement where NRLS tax has been suffered and payment on account inputs have been made, bringing the statement more into line with the presentation of the SA Alphatax Release Notes

19 Specialist companies Creative industries In previous editions Alphatax applied the effect of film tax changes in recent Finance Acts based on the date on which Principal Photography (PP) was completed, but also added an additional accounting period date restriction. Following discussions with HMRC the additional accounting period date restriction has now been removed, and we have provided new user inputs to allow the Finance Act rules which apply to a given film to be flexed based solely on the date on which PP was completed. Existing computations will not be changed automatically. In addition new inputs have been introduced to allow a catch-up tax credit claim in current periods if required. We advise that earlier period film tax computations are reviewed to ensure that the correct Finance Act rules are applied based on the date of completion of PP. A new diagnostic has been introduced to identify situations when both the Was the creative trade in the production phase during the period? and the Was the creative trade completed in either this or an earlier period? flags are set to Yes. The diagnostic warns that the two flags are mutually exclusive and that one of the entries should be removed. Diagnostic 564 relating to the requirement to identify the status of a trade applying creative industry tax rules has been modified to ensure that the diagnostic is not triggered in long periods of account where the rules apply to one accounting period only. The Computation summary has been modified to ensure that the correct trade status indicators are displayed for theatrical production trades. Ring fence companies We have amended the treatment of restricted lease payments of a ring fence trade that remain unutilised at the end of the period. In the Spring 2015 edition, Alphatax treated such payments as lost, but updated HMRC guidance indicates that these should instead be carried forward as a trading loss of the related non-ring fence trade. Two new flags have been added to the trade Accounts adjustments input statement that allow a non-ring fence trade to be marked as representing the related activity of either an oil extraction or oil contractor ring fence trade. Any restricted lease payments that remain unutilised in a ring fence trade at the end of the period will be automatically transferred to the related nonring fence trade to be carried forward and utilised as a non-ring fence trade loss. The restricted lease payments legislation was introduced recently, for accounting periods beginning on or after 1 April 2014, and so we have not applied an application date for this change. Autumn

20 Specialist companies An issue was identified with the calculation of the profit-related threshold for the purposes of surrendering management expenses as group relief whereby brought forward losses set against profits of a ring fence trade were incorrectly being added back. This issue has been resolved. A calculation that was producing a negative QIP adjustment in an accounting period that straddles the supplementary charge rate reduction to 20% from 1 January 2015 has been disabled. Previous increases to the supplementary charge rate included transitional provisions that treated the post rate change period as a separate accounting period for the purposes of QIPs, resulting in an additional adjustment. This provision however does not apply for the recent supplementary charge reduction. In calculating the supplementary charge, adjustments for decommissioning expenditure under s330a and s330b are only applicable where the rate of the supplementary charge exceeds 20%. We have therefore amended the display rule of the associated inputs on the Ring fence supplementary charge input statement so that they will not appear for periods of account beginning on or after 1 January Note. HMRC e-filing validation rules do not allow for decommissioning expenditure adjustments to be calculated under the correct basis for periods straddling 1 January The workaround suggested by HMRC is to amend the decommissioning expenses figure to produce the correct supplementary charge. Please contact Technical support for further information. Life tax companies (Alphalife) The Accounts are FRS 101 compliant (IFRS reduced disclosure framework)? flag has been enabled in the Configuration options input statement for life companies. When this flag is set to Yes tax accounting disclosures are displayed in compliance with the requirements of FRS 101. The Group module has been amended to resolve an issue whereby an incorrect reference to PHI losses was included in the Group relief statement when Non-BLAGAB foreign tax expensed had been entered in the override section of the Double tax relief summary input statement in a company file. 20 Alphatax Release Notes

21 Miscellaneous changes Miscellaneous changes Research and development tax credits Alphatax includes a number of diagnostics to ensure correct completion of RDEC entries in the computation. The diagnostics have been extended to prevent invalid combinations of RDEC flags on a single CT payment row, such as flagging a single payment as both a Step 2 and Step 7 payable amount. The new diagnostics will apply for periods ending on or after 30 June Additional RDEC diagnostics have been added to identify situations where the sum of payments flagged as either Step 4, Step 5, or as a Group claim under s104o(3) CTA 2009 exceed the corporation tax liability. Group relief In previous editions a diagnostic appeared when profits from a controlled foreign company were offset by management expenses brought forward. The display of this diagnostic has been corrected for periods ending on or after 30 June Please note that Summer Finance Bill 2015 has withdrawn this form of offset in relation to CFC profits arising on or after 8 July 2015 (see page 10). The logic which determines whether the CT600C continuation page is used has been enhanced to ensure that this is only used where absolutely necessary. The relevant changes have been applied for periods which start on or after 1 April Pension schemes In response to a user request, new options have been added in the Configuration options input statement which allow additional customisation of the Pension schemes summary report statement. The default report has been simplified and new flags allow users to include additional details of the relief calculation and to report balance sheet movements where required. The pension spreading calculation has been enhanced by adding a footnote which explains the calculation of the current period relief in a spreading scenario. Autumn

22 Miscellaneous changes Overseas income The <10% dividend flag has been removed from the Overseas income input statement as it no longer has any calculation effect. The calculation supporting the allocation of FII received between periods has been amended to remove the possibility of rounding differences being allocated to later periods. The disclosure of the trade loss brought forward has been corrected to report a negative value in the second accounting period of the Trade overseas income statement. Presentation All input and report statements have been reviewed to ensure a consistent use of spacing around forward slashes throughout Alphatax. Freeformat templates A new freeformat template (Adjustment spreading) has been introduced to allow amounts to be spread over a specified number of years. The template will require the details of the amount to be spread and the number of years it is to be spread over. The total amount calculated as being brought into the period can be linked to the relevant Alphatax statement. Company and statement templates have been enhanced to include an additional Non-taxable column in the dividends receivable freeformat template. This change will not affect existing companies and will instead apply when templates are newly inserted. A small number of templates have been updated to reinstate the link to the P&L account which was inadvertently removed in an earlier edition. Where pre-trading expenditure was incurred in periods where first year allowances (FYAs) were available at 40% or 50%, the expenditure is deemed to be incurred on the first day of trading. The freeformat template has been updated to include FYA columns in appropriate periods. See the Template revisions section on page 27 for full details of the templates that have been amended in this edition. 22 Alphatax Release Notes

23 Miscellaneous changes Other changes Where applicable, a zero will now be printed as the type of company in box 4 of the CT600 (version 3) in line with HMRC guidance. This field was previously left blank where none of the listed company types applied. The P&L analysis section of the Untaxed income report has been improved to allow clearer cross referencing between the individual income streams and the trades in which they arise. The change applies for periods ending on or after 30 June The Profit and loss reconciliation statement has been enhanced to differentiate taxed income arising from interest and PIDs more clearly. The changes apply for periods ending on or after 30 June The display rule for the Tax deducted section of the Cross border royalties report has been amended. This resolves an issue whereby the section did not display correctly in the second accounting period unless the same section appeared in the first accounting period. Where the Is this a division or permanent establishment of a UK trade? input is flagged as Yes, Alphatax now suppresses entries on the Trade losses statement that are not applicable to that scenario. References to the word early have been removed from the termination calculations in the long funding operating lease calculations to cater for disposals after the end of the lease term. No calculation changes have been made. A footnote on the Franked investment income report was duplicated in earlier editions. The duplicate footnote has been removed. Autumn

24 Optional modules Optional modules Report Designer Report Designer was materially enhanced in the Alphatax UK Spring 2015 edition to include a list of over 2,500 reportable data dictionary items. The list has been further extended in this edition to include the number of capital disposals subject to various claims and reliefs, for instance the number of disposals which are subject to SSE or connected party rules, amongst many others. We have resolved an issue in Report Designer where the expression text for a run time filter was not displayed in the Runtime values dialog box. Accounts Integration for Accounts Analysis (AI for AA) AI for AA mapping capabilities have been extended to cater for the mapping of data to DPL dimensions in the computation Detailed profit and loss account statement. In the previous Alphatax edition, amending the narrative associated with a mapped cell did not trigger the save button to allow users to save the change in the template. Amending the text now triggers the save button. Accounts analysis A new option has been added to the Tax categoriser to enable users to link items from the Profit and loss statements to the Profit/(loss) per accounts input on the Trade accounts adjustments statement. This option allows users to link the profits of secondary trades (including property businesses) directly from the Accounts analysis Profit and loss account. The tax categoriser option will appear in secondary trades where the multi-column profit and loss account has not been used in the computation. In this case the links are made automatically. The Tax disposal value reported on the Tangible fixed assets Disposals sub-analysis statement has been amended to report the actual tax disposal value. This is to ensure the correct amount is reported where no amount is entered in the Tax disposal value column because it is the same as the amount entered in the Proceeds column. Accounts analysis reports have been amended for periods ending on or after 30 June 2015 to ensure that the display of items which just contain narrative entries is consistent throughout Alphatax and that all reports behave consistently when using the Hide rows with narrative but no value? configuration option. 24 Alphatax Release Notes

25 Optional modules In previous editions of Alphatax the tax categoriser was not consistent when used to categorise the profit on sale of an asset held under a finance lease entered into after 11 March 1991 (a SP3/91 finance lease) in scenarios where that asset was part of a secondary trade. The taxable profit was added back in the secondary trade but the corresponding deduction for the P&L amount was attributed to the main trade. In this edition the tax categoriser has been amended so that both adjustments are now made in the secondary trade. We have enhanced Accounts analysis templates to retain all relevant options on the Accounts analysis configuration statement. Alphapack FII received and Exempt dividend columns have been enabled in the Overseas income statement in Alphapack. Group In previous Alphatax editions the Fixed asset summary report in group did not include depreciation entries from company files which were not using Accounts analysis. This caused a casting issue in the Group report statement which has now been resolved. Autumn

26 Optional modules Tax Accounting When transitioning to FRS 102, users are required to restate their prior period balances. In order to aid completion of the prior period balances Alphatax now displays balances which would have applied under the previous accounting standard. If no changes are required then balances can simply be copied into the restated prior period balance column. A reconciliation error in the Overall proof of tax charge for currency computations with s109 pool or pension spreading deferred tax has been corrected. Note that this issue only arose where the opening and closing company spot exchange rate for tax accounting purposes were different to each other. The Pension scheme input statement previously allowed the user to enter Brought forward and Adjustment entries in the Balance sheet summary section when a new pension scheme was added to an Alphatax file which included earlier periods. This release allows both entries to be made in the first period of the Alphatax file but when new pension schemes are added in later periods, the brought forward cell is fixed at nil. The change has been made to ensure that the Adjustment cell is used, correctly excluding brought forward amounts from the opening deferred tax provision for pension schemes. This change applies for periods ending on or after 30 June For periods ending on or after 30 June 2015 we have improved the deferred tax disclosure for new pension schemes added into an Alphatax file which includes previous periods. Where the entries made for the new scheme generate Unrelieved brought forward relief Alphatax now excludes that relief from the opening deferred tax provision for pension schemes. Diagnostic 1100, which relates to unreconciled balances on the IFRS deferred tax balance sheet statement, has been extended to include the Carrying value column. The Tax charge per account statement has been amended to include accrued foreign tax credits not used in the Reconciliation of tax charge. Please note that the omission of this row was only an issue when preparing under IFRS, FRS 101 or FRS 102, where the reconciliation is to the total tax charge rather than current tax charge. We have revised the column display rules in the IFRS deferred tax disclosure input statement to ensure that inputs which contain values are not suppressed when entries are removed from the transfer column on the IFRS balance sheet input statement. The sign convention of three items in the previous period derived column of the Tax charge per accounts report has been reversed. This is a presentational amendment only and does not affect any calculations. 26 Alphatax Release Notes

27 Optional modules Template revisions Revisions have been made to the following Alphatax templates: Company template updates A non-taxable column has been added to the following statement templates: o Investment company o Investment company with property business o Property business company o Single trade company o Multi-trade company (2 trades) o Trading company with divisions (1 trade) o Trading company with property business A minor typographical error has been fixed in the Property business company template. The Divisional consolidation statement has been enabled in simplified view when using the following statement templates: o 2 trade company (one division or permanent establishment) o Trading company with divisions (1 trade) A new template has been added to enable the spreading of adjustments over a number of periods Statement template updates A non-taxable column has been added to the following statement template: o Dividends receivable A missing link between the P&L column and the P&L statement has been reinstated in the following statement templates: o Interest income and Interest payable o Dividends receivable o Management expenses reconciliation o Trade subscriptions and donations, repairs and maintenance and legal and professional fees o 40/50% FYA columns have been added to the Additions with pretrading capital expenses statement template Autumn

28 Optional modules 28 Alphatax Release Notes

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