Tax Computer Systems

• Corporation Tax
  • Companies & Corporations
  • Professional Firms
    • Alphatax Core
    • Group Function
    • Tax Accounting
    • Accounts Integration
    • Report Designer
    • Divisional Consolidation
    • Accounts Analysis
    • Tax Administration
    • Tax Pack
• iXBRL Offerings
• Tax Provisioning
• Data Collection
• Life Tax
• Fixed Asset Management
• Tax Process Management
• Hosting Service
• Professional Services
• Video Presentations

Tax Accounting

The Tax Accounting function simplifies the calculation and management of a company’s tax provision and in conjunction with the Group Function enables group-wide tax accounting reports to be prepared.

The Tax Accounting function streamlines the calculation of the tax provisions to be included in a company’s year-end accounts. The function calculates the tax charge to be included in the company’s Profit and Loss account and the tax liability to be included in the company’s Balance Sheet. Both current tax amounts and deferred tax amounts are calculated.

To help understand the tax charge in the Profit and Loss account, the system generates a Proof of Tax. This automatically reconciles the tax charge to the profit before tax.

The automation of the Proof of Tax both saves time and provides a strong control over the integrity of the calculation. A full deferred tax calculation is provided, based on the timing differences on fixed assets, losses brought forward and short term timing differences.

A detailed tax account automatically tracks the movement from provisions at the start of the year to the end of the year, taking account of the current period tax charge, tax payments made during the period, prior year adjustments and other movements.

Statements are presented in a format which can be put into the statutory accounts. Both FRS and IAS accounting standards are supported.

As the tax provision is produced from the tax computation, the function saves time as there is minimal data entry and the process is fully automated.