To help you get started, we have set out a high-level guide below explaining how best to use the UK CT workflow. 


General points to note: 


Signage 

The expected sign for data entry in a template should by default be positive, regardless of whether the underlying data is primarily a debit or credit position. Where possible, we have highlighted what signage is expected, e.g. Income /( expense) in the column header indicates income should be entered positive, expense negative. 


Reconciliation/templates in the workflow


Note: All reconciliations need to be added to the workflow (as they are automatically when you add the CT package to your environment). If you remove a reconciliation, you may encounter issues. 

 Workflow working screen:


The workflow working screen has been set out in the order in which we think is most common a user would complete the schedules in. Schedules that are not relevant for the period's return can be unstarred. This takes them out of scope so they are not tracked and don't impact the workflow progress view. Unstarred templates will not be exported! 


Note: The following templates must always be starred, but are not necessarily exported in the PDF computation: 

  • (CT) Overview - exported
  • Return information - not exported
  • Tax calculation - exported 
  • CT 600 - exported 
  • Attachments to corporation tax return - not exported


Let's take a look at the different sections of the workflow working screen 

Return Admin

The return admin section is used to enter and view general details about the return, such as company name, UTR, whether the company is a member of a group, etc, as well as the applicable rates and allowances for the period. 


Profit and loss/ other comprehensive income


This is the starting point of completing your CT return in Silverfin (unless you have already done some tax analyses when preparing your accounts*)
  • You will need to go through the Profit and loss / Other comprehensive income schedule and validate that the suggested tax treatment for each account is correct. You can easily change the tax treatment using the drop-down selector if required. 
  • The treatment selected will either then flow into an underlying schedule, for example if you select 'Provisions' as your treatment, the value of that account will then flow into the 'Provisions' schedule which you then will need to reconcile, or otherwise it will flow directly into the Trading income schedule, e.g for Disallowable/ Non-taxable tax treatment. 
  • If an account needs additional analysis ( i.e multiple tax treatments), you can select additional analysis from the drop-down. You can then click through to the account where you can do the analysis. You will need to use the 'Account/ tax analysis' template and specifically the 'Tax analysis' table. This template has been set as the default account template for P&L codes for new periods. For existing periods, you will need to select the template.
You can already do the tax analysis in the account template when preparing your accounts. If this is done, when you come to the CT workflow, you will see that the tax treatment will automatically have been selected as additional analysis and the breakdown will flow into the P&L / OCI - additional analysis template in this section. 


Fixed assets 

The next section to complete is Fixed Assets. Some key things to note about the templates within this section: 

  • Tangible fixed assets summary template is where you can find the NBV summary table and the TWDV table. Your writing down allowances and annual investment allowance are summarised in this template, based on the tax treatment selections you make in the additions / disposals schedules next. 
  • In additions and disposals, if you have FAR starred in working papers, then any additions or disposals will automatically flow into the corresponding schedule. If you do not have those working papers starred, you can manually enter the information in the additions / disposals templates. 
  • You can then make the tax treatment selection from the drop downs. Most of the tax treatments will result in the data flowing back into the Tangible fixed assets summary schedule, however, some treatments such as Super-deduction and 50% FYA will then feed into the underlying schedules which calculate the adjustments and flow directly into the Trading income schedule. 
  • Intangible fixed assets schedule is also linked to the Intangible fixed assets register in Working papers. 
  • Templates in this section that are not required should be unstarred!


Chargeable gains

If you have any chargeable gains, you can use the chargeable gains calculation schedule to add the assets which will then be summarised in either the connected or unconnected chargeable gains schedules. Adjustments will automatically flow to the Taxable income schedule. 


Income Summary

The trading income schedule is where you can see the summary of all your adjustments made in the steps above. You can edit the name of the adjustments descriptions if you wish. 


Tax calculation

This section is where you can utilise any losses or qualifying charitable donations, as well as claim / surrender any group relief in the respective schedules. 


When carrying back losses 12 months, by entering the amount to be carried back (in Losses memorandum schedule) in the period when the losses arise, box 45 in the CT600 (claim or relief affecting an earlier period) will automatically be checked. Per HMRC's guidance, "A claim made in the company tax return for the accounting period of the loss will be treated as an amendement to those earlier returns". Therefore there is no need to update the prior year computation. If you do want to for any reason, you can enter the loss carried back in the Taxable income schedule in the prior year return under "Trade losses carried back deducted from total profits." 


Finally you can view the actual tax calculation in the 'Tax calculation' schedule. You can enter any relief in this schedule, such as double taxation relief or community investment relief. If you have R&D claims, you will also find the R&D expenditure credit payment section in the Tax calculation schedule.


Tax accounting

The schedules in this section are used to calculate your deferred taxes. It should be completed in the order the templates are laid out. Below is some more information about what each template does: 

  • DT disclosure categories: Here you can edit the name of your disclosure categories and timing differences descriptions if you wish. 
  • Tax computation:
    • This schedule sets out the differences between the accounting profit and taxable profit which forms the basis for the permanent and timing differences.
    • Each difference between the accounting and taxable profit will be allocated between permanent and timing differences. 
    • An initial allocation has been set out based on the nature of the tax adjustments, however it is possible to override these allocations using the manual adjustments column. 
    • It is also possible to allocate tax adjustments to OCI and Equity using the relevant manual adjustments columns.  
  • Tax account:
    • The current tax account should be automatically populated from tax computation schedule. Additionally you have the ability here to add any payments/refunds. 
    • Again, for the 1st year in Silverfin, you will need to manually enter the b/f assets/(liability), but in future years this will be auto-populated based on the prior year closing balance. 
    • Your deferred tax account is automatically populated and displayed in this schedule. 
  • Tax reconciliation: 
    • As well as preparing the reconciliation, this schedule allows you to change groupings/headings of how things will appear in the Tax disclosures. You can use the adjustments column to move balances around as needed. 
  • Tax disclosures:
    • Covers main disclosure requirements under UK GAAP. Automatically populated.

Tax Return

There are 3 templates in this section:

  • CT 600 -This is automatically populated and not editable. It includes all relevant supplementary pages. 
  • Attachments to corporation tax
    • This is where you need to attach your tagged accounts. This can be integrated in Silverfin when downloading/submitting your accounts to Companies House using the "Download data" action in the client overview screen. When you select for accounts, you will notice an option to "Attach to corporate tax" 
    • You can attach additional files (PDF format only) to be submitted as evidence with your tax return. 
You must attach a full set of accounts 
  • Return disclosures
    • This schedule is used for additional disclosures for which there is not a specific template for in the workflow, e.g information about controlled foreign companies ( CFG's), or cross border royalties. 

Computation export and submission: 


PDF export and computation: 

We have created a UK Corporation Tax export bundle which you will find in the usual exports page. You can check what templates will be included in the export by looking at the contents template. 


iXBRL download and HMRC submission:

You will need to make sure you have the UK Corporation Tax integration setup in your environment. Please see the support article "How do I add the HRMC integration for corporation tax" for details on how to set up. 


To download or submit your tax return: 

  • Go to the client overview screen
  • Select "Actions > download data
  • Select iXBRL Corporation Tax
  • If you want to download and view the iXBRL computation only, you can select 'download'. 
  • If you want to submit to HMRC (or run a test submission), click 'Submit to HRMC'. 
  • If you are submitting, you will be taken to the integration screen where you can submit your return or run a test submission by ensuring the 'Test submission' checkbox is ticked. 
  • You will receive an acknowledgement of submission (or test submission) in the communications panel in the client overview screen. Shortly after that, you will receive a success or error response with the attached receipt / error file.