The Abacus Investment Trust (IT) software is a powerful tax compliance tool enabling you to prepare the tax computation for a Trust in both an efficient and effective manner thereby facilitating the management of the overall tax compliance process.

The IT software can be fully utilised as a tool to produce both the tax computation (with supporting schedules at the option of the user) and the Inland Revenue CT600 return form.

In addition the software can be used to calculate the distributable income for the interim distribution period as well as the full accounts period whilst simultaneously providing full tax accounts for both periods.

The software provides fully comprehensive areas of functionality spanning the corporate tax compliance environment. Some of the main features of interest include the ability to prepare and submit approval as an investment trust in accordance with the provisions of Section 842 Income and Corporation Taxes Act 1988 - automatically incorporating eligible investment income from the data entered within the computation, payment on account estimates and monitoring, shadow Advanced Corporation Tax (ACT) calculations, capital allowance calculations, eligible rental income calculations and onshore pooling calculations.

Summary of IT features

• Produces the tax computation and CT600 automatically
• Calculates the tax charge for the accounts utilising comprehensive deferred tax schedules
• Tracking of prior year adjustments to the tax charge and adjustments made after finalising the tax account balances
• Interim distribution periods support full tax charge and distributable income calculations
• Section 842 Income and Corporation Taxes Act 1988 approval requests
• Automatically deals with foreign tax, including recoverable amounts, and calculates double tax relief
• Eligible rental income calculations