Tax Computer Systems

• Corporation Tax
  • Companies & Corporations
  • Professional Firms
    • Alphatax Core
    • Group Function
    • Tax Accounting
    • Accounts Integration
    • Report Writer
    • Divisional Consolidation
    • Accounts Analysis
    • Tax Administration
    • Tax Pack
• Life Tax
• Fixed Asset Management
• Global Tracking
• Hosting Service
• Professional Services

Group Function

For certain purposes, both tax law and accounting requirements interpret groups of companies under common ownership as a consolidated entity or one with special relieving provisions. The Group function uses matrix-style views of data to facilitate transfers (whether actual transactions or purely notional tax effect transfers) between companies in a group. This function also enables consolidation of key data for a group – including derived tax results for enterprise-wide corporate reporting – and identifies excessive surrenders and unutilised losses. It maintains an audit trail of changes.

Group recognises and handles the complexities that arise from such typical scenarios as changes in a period in the group structure, group entities using multiple currencies, divisional and consortium structures and application of different grouping rules.

The Group function enables interactions between members of a group of companies to be managed in one place. Group relief claims and surrenders of losses and other transfers are entered once. A clear view of the revised group position is presented. Once the planning has been done, the company record is automatically updated, along with the required printed documentation e.g. Group Simplified arrangement. The Group function uses the same structured approach to the surrender of EUFT, the reallocation of Capital Gains under s.171A and the allocation of group tax payments.

Group reports are automatically created. These summarise the group’s position both for general tax planning purposes and group tax accounting.

The Group function is straightforward to use and is designed to avoid the risk of human errors. A group file can be created in seconds, as it is based on data within the company files. Surrendering and claimant companies are automatically identified, as are different accounting periods and companies that have either joined or left the group during the year. The user only needs to enter actual amounts to surrender or claim to complete the group relief.

This is then automatically posted back to the company files. Changes to group relief can be made quickly and there is no need to update the company files for carry forward figures as this is automatically done.