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REIT company financial information |
See Also
REIT group financial statement | REIT joint ventures financial statement | REIT summary information | REIT tax exempt property business
Select from the following headings:
Background | Developing the schedule | Completing the Schedule | Standard Sub-Schedules | Carry Forward | Related Errors
This schedule is developed from either the REIT summary information or Computation of profits ? tax exempt business schedules, provided that the REIT type flag is NOT set to Principal member of REIT group.
Where the company is a non-principal member of a REIT group, the schedule must be developed if you wish to link the details through to the Group financial statement schedule.
This schedule can be developed from schedule G ? REIT summary information or
from GA2 ? Computation of profits ? tax exempt business.
The schedule is split into four different sections as follows: -
If you wish to link the details through to a Group financial statement and the company name is long, you can enter an abbreviated name in the relevant data entry field for use in the group statement. If this field is not completed, the group statement will use the full name.
Where the company is a non-principal member of a group REIT but is not owned 100% by the group, the percentage beneficial interest should be entered in the relevant data entry field so the correct details are calculated for the Group financial statement.
Note that percentages should be entered as a percentage of 100, e.g. 25% should be entered as ?.25?.
The details required within each section are self-explanatory. If you wish to include the expense disclosure for either the property rental or residual business, or the asset reconciliation disclosure, set the relevant selector to YES and enter the appropriate values.
Where the company is a venturing company, the relevant share of the venture company(ies) financial statement must also be included. The summarised details will be completed from entries made in Joint venture companies financial statements sub-schedule that can be developed if required.
There is a standard sub-schedule available from this schedule:
Joint venture companies financial statements
Where the company financial statement has been developed, it will automatically be present in the following period when rolled forward.
Where either an ?abbreviated company name? or ?percentage beneficial interest? has been entered, this will be rolled forward into the new period.
The other information contained within the financial statement is entirely period specific however, and so will not roll forward.
Error |
How to solve it |
Total profit does not agree to Audited Accounts |
This error arises when the total Profit per Audited Accounts figures entered does not agree to the Total profit for the period as calculated from the entered figures. This error can only be resolved by double-checking all entered figures to ensure that they are correct. |
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