Abacus Corporation Tax (CT) deals with long and short accounting periods for trading, investment, multi-trade and more specialist companies such as oil ring-fence companies and UK property businesses.

It enables efficient and timely calculation of tax computations, provisions and estimates, and produces Inland Revenue approved corporate tax returns.

If extensive automation of the preparation process is required, Abacus CT can be integrated into accounting systems and users' supporting schedules.

Payments on account

Estimates of payments on account required under Corporation Tax Self Assessment (CTSA) can easily be prepared using company forecasts and the latest available prior year information. In addition, the calculation of interest on both under and overpayments of corporation tax is automatic.

Deferred tax

Abacus CT includes an optional suite of deferred tax schedules, producing calculations for short-term and fixed asset timing differences, reconciliation between the tax charge in the accounts and the computation, and the tax provision itself.

Foreign currencies

Abacus offers full multi-currency functionality allowing for computation preparation in foreign currencies. Abacus CT also handles foreign exchange issues and provides the functionality to deal with the calculation and treatment of foreign dividends and Eligible Unrelieved Foreign Tax (EUFT).

General insurance module

A series of general insurance schedules calculate the excess or deficiency in technical provisions for liabilities on general insurance policies written. These special schedules make it possible to deal with both allowable and disallowable provisions where an election has been made under FA2000 s107(4) and also to summarise the position for all earlier periods.

Group module

The Group module automates the production of group tax summary schedules under simplified arrangements for group relief and the processing and monitoring of group relief, EUFT surrenders and Advance Corporation Tax (ACT). The module also supports the calculation and processing of group payments on account and tax payment claims and surrenders. The individual company files are linked to a central group file ensuring that the latest corporation tax computations are always used to produce the summary. Any mix of claims and surrenders can be tested and automatic updating of the underlying tax computations takes place on request.

Administrator module

The Administrator module is a simple tool, designed to enable the tracking of time limits within the tax department. The module links directly into corporation tax computations, and enables current status tracking and the allocation of both statutory and non-statutory tasks.

Taxpack module

The Taxpack module enables the development of a basic, pre-formatted spreadsheet-based taxpack from a rolled-forward Abacus computation. When the taxpack is complete, and the crosschecks have verified that the analyses cast, all the detail can be uploaded directly into the computation by the click of a button, saving hours, or even weeks of rekeying.