Build the UK computation once, use it everywhere

Corporate Tax

One template, forty companies, every computation consistent. Inside ONESOURCE Corporate Tax: the UK computation maintained by Thomson Reuters, your own profit and loss detail and tax treatments in one client template, the chart of accounts mapped once, group relief claimed and pushed down, review with a full history, and the computation tagged for iXBRL with the CT600 populated.

Transcript: the words on screen

1. 0:00One template. Forty companies. Every computation consistent.
2. 0:04ONESOURCE Corporate Tax / Build the UK computation once. Use it everywhere. / Template · Map · Compute · Group · Return
3. 0:06How it works / Build it once. Every company has it. / Maintained: UK template, by Thomson Reuters · Built once: Your template, your computation · Every company: Corporate Tax, compute, review, iXBRL, CT600 · Company A, B, C, D, E · Group module: Works across every company · Group relief · Interest restriction · Payments for relief · Group summary · IFRS & FRS 102 tax accounting
4. 0:1601 · The template / Thomson Reuters maintain the UK computation. / CT600 boxes referenced
5. 0:2001 · The template / Add your own profit and loss detail, the way your accounts show it.
6. 0:2601 · The template / Set the tax treatment of each line. Once.
7. 0:3101 · The template / Make it your client template.
8. 0:3502 · The map / Map your chart of accounts to it. Once.
9. 0:4002 · The map / Assign it to every company in one go.
10. 0:4403 · A company / Create every company from your template. / Five companies and a group
11. 0:4903 · A company / Five companies ready to compute.
12. 0:5403 · A company / Pull the trial balance straight from ONESOURCE Statutory Reporting...
13. 0:5803 · A company / ...or load it from a file.
14. 1:0303 · A company / The add-backs are already made. / Depreciation · Entertaining
15. 1:0703 · A company / Add the detail that doesn't come from the trial balance. / Additions 500,000
16. 1:1103 · A company / Profit to tax, worked through... / Adjusted profit 943,000
17. 1:1603 · A company / ...to the corporation tax charge. / Tax 235,750
18. 1:2004 · A group / Every company gathered into the group. Claim relief where the loss meets the profit. / 40,000 claimed
19. 1:2604 · A group / Agree the payment for relief. Push it down. / Payment 10,000
20. 1:3104 · A group / Every company updated. / Status: OK
21. 1:3505 · Review / Add a note or query to any figure.
22. 1:3905 · Review / A full history of who did what, and when.
23. 1:4405 · Review / Compare shows what changed...
24. 1:4905 · Review / ...and what it was. / Old value 9,999
25. 1:5305 · Review / Mark it ready for review, and it locks. / Read only
26. 1:5806 · The return / Tag the computation for iXBRL in one step, 18 tags added. / 18 tags added
27. 2:0406 · The return / And of course, the return populates automatically, ready for filing.
28. 2:11Why ONESOURCE Corporate Tax / Build it once. Every company has it. / The UK computation maintained for you / Your P&L and tax treatments in one client template / One map, copied to every company / Group relief claimed once and pushed down / Review and a full audit trail built in / Tagged accounts and the CT600 from the same figures
29. 2:17ONESOURCE Corporate Tax / Implemented by Osprey Consulting / Book a 30-minute call on our website / ospreyconsulting.co.uk

Recorded by Osprey Consulting: Thomson Reuters ONESOURCE Certified Implementers, Alphatax partner, Registered Alteryx Solution Provider Partner.