Trust Tax Return

Tax Assistant includes Trust Tax Return modules from 1998 onwards.

The programs can be used either in conjunction with TaxBase or as stand-alone modules for producing Trust and Estate Tax Returns and supporting schedules. All supplementary pages are included (Trade, Lloyds, Partnership, Property, Foreign, Capital Gains, Non-Residence, Charities and Pensions).
The programs include the official tax calculations defined by HM Revenue & Customs for Self-Assessment.

Filing By Internet (FBI) is supported through an optional data communications module called FBI Courier which transmits tax return data to the HM Revenue & Customs and receives responses from the HM Revenue & Customs using the Internet, thus providing a fully integrated FBI solution. The Trust Tax Return and FBI Courier programs can be set up to provide a fully automatic, seamless interface with the HMRC Self Assessment computer system.

Client filing system File functions are included for creating new tax return files or creating tax return files based on those from the previous year. A "skeleton" of a Trust & Estate Tax Return can be created automatically from client data stored in a TaxBase database. Other file functions include Open, Save, Close, Rename, Delete and Backup. Transferring client data from the previous year means that all data which does not, or is unlikely to, change from year to year (e.g. address, occupation, shares held) is instantly copied from the previous year's Tax Return thus saving a large amount of data entry from year to year.

Import Client information stored in the TaxBase database, such as address, tax reference number and trade details can be imported into the Trust Tax Return with a few clicks of the mouse. There is also a facility to import accounts data from accounts production software, spreadsheets and word processing documents directly on to the Trade supplement.

On-screen display of the Trust & Estate Tax Return form The program includes a full-colour on-screen display of the Trust & Estate Tax Return form and supplements. Rapid navigation around the forms is possible using a variety of methods such as pull-down menus, control keys, scroll bars and page selection buttons. Information can be entered directly into each Tax Return box as it would be on a paper return.

Notepads with "point and click" icons Sprinkled around the on-screen Trust Tax Return form you will find many "notepad" icons. Simply "point and click" on any of these to reveal one of Tax Assistant's most powerful features, the Notepad. Each notepad icon is context sensitive. When you click on an icon a Notepad page appears which applies to that section of the Tax Return. There are Notepad pages for all sections of the Tax Return where there is insufficient space on the form itself. All information entered into the Notepad can be printed out in the form of supporting schedules to accompany the return.

Calculators for special functions Several specialised on-screen "calculators" are incorporated into the Trust Tax Return program. These include: Business tax calculations for computation of taxable profits, capital allowances, balancing charges, adjustments and overlap profits in the Trade and Partnership supplements. Capital gains tax calculations for computation of the gains arising from the disposal of capital assets, including indexation allowance and reliefs.

Tax Calculation for Self Assessment The HM Revenue & Customs Trust & Estate Tax Calculation, as defined in HMRC document SA951, is performed automatically within the Trust Tax Return program. You can enter auxiliary information, such as payments on account already made. You can preview and print a summary of the tax calculation and a detailed calculation showing how the calculation is performed, with reference to the box numbers in SA951.

Printed reports of Tax Returns, supporting schedules and tax calculations. Tax Assistant produces high quality printed reports laser printers. The substitute Tax Return produced by Tax Assistant is approved by HM Revenue & Customs for submission in place of the normal Tax Return form. Schedule printouts have headers and footers containing the taxpayer's name and reference number, and the date. There are also facilities for printing a summary of the tax return and for producing an ‘information request’ schedule which can be used to obtain data from a client for the following year’s return.

Filing By Internet The Trust Tax Return programs include facilities for submitting Trust & Estate Tax Returns using the Filing By Internet (FBI) system when used in conjunction with the FBI Courier program. Administration functions are included to log the FBI process and manage received HM Revenue & Customs responses.