Abacus Ireland has been specifically designed by Deloitte to create a powerful tax compliance tool, able to deal with straightforward returns through to the most complex. Abacus Ireland is used throughout Deloitte in Ireland, and is part of the suite of Abacus products used by the majority of the FTSE 100 companies in the UK.

The software enables efficient and timely calculation of tax computations, provisions and estimates, producing the Revenue CT1 return form, together with comprehensive tax logic schedules to support the return.

Abacus Ireland is a user-friendly tool for completing all corporation tax computations, from the simplest to the very complex. The product is fully supported with a comprehensive help section, and a helpline manned by IT and tax professionals.

Multi-trade capability

The software deals with both long and short accounting periods, single and multi-trade companies, and a multitude of trade types. This includes trading, investment, leasing, D Case I and property trades, as well as excepted trades. All relevant income can be analysed per trade on individual schedules.

Computational features

• Analysis schedules to support all income and expenditure items
• Capital allowances schedules, supporting various types of assets, and taking account of various reliefs available to calculate allowances
• Foreign income, income from a foreign trade or foreign branch, and foreign interest taxed as Case I
• Property schedules dealing with both ring-fenced and non ring-fenced rental properties
• Capital disposal schedules, calculating the gain or loss on various different types of assets and applying relief and loss offset as appropriate
• Detailed calculations, such as medical premiums paid and motor expense restriction
• Research and development schedules, dealing with both capital and expenditure tax credit calculations
• Automatic offset of losses between trades where appropriate, presented on a loss summary schedule
• Calculation of loss on a value basis relief

Foreign aspects

Abacus Ireland offers full multi-currency functionality, allowing for computation or schedule preparation in foreign currencies.

Data Transfer Rate (DTR) is calculated and offset automatically.

Group aspects

Abacus Ireland supports the calculation and reporting of group relief claimed and surrendered.

Forms and electronic filing

The CT1 return form is included in the software. The return is automatically populated by the computational sheets, which can be printed and signed ready for submission.

Abacus Ireland is also fully compatible with current ROS (Revenue On-line Services) capabilities, allowing electronic filing of returns.

Taxpack module

The Taxpack module enables the development of a basic, pre-formatted spreadsheet-based taxpack from a rolled-forward Abacus Ireland computation. When the taxpack is complete, and the crosschecks have been verified, all the detail can be uploaded directly into the computation by the click of a button, saving considerable time rekeying.