Revenue Guidance on Accounts Menus
Notes for guidance for completion of mandatory accounts menu items for cases with turnover in excess of € 20 million
1. For Corporation Tax returns CT1 commencing with accounting periods ending on or after 1 August 2007:
In order to simplify this issue and avoid additional calculations Revenue will accept the information that is required under the Companies Acts.
As regards Sub-Contractors, the information is to be included in the Returns made by building, meat processing and forestry businesses. Sub-contractors are those defined by Section 531 TCA 1997. This information is commonly included in the expense schedules to the statutory accounts.
The chart below gives guidance on the definitions for the mandatory fields. Note that it is based on the format of accounts for conventional businesses. Industries of a specialized nature, specifically in the areas of Financial Services – Banking, Insurance, & Pensions, should contact the relevant business units in the Large Cases Division if in any doubt as to filing requirements.
Guidance chart:
CT1 (2007) Ref |
Accounts Item |
Definitions for Cases with Turnovers > €20m (including cases filing with Large Cases Division) |
Mandatory Fields Required |
||
1.42 |
Sales/Receipts/Turnover |
As required by the schedule to the Companies Amendment Act 1986, Part 1, Profit & Loss A\C formats, format 1(1), format 2(1), format 3(b)(1), format4(b)(1) |
1.46 |
Gross Trading Profits |
As is commonly understood under generally accepted accounting practice & as required for companies adopting Profit and Loss A\C format 1, Companies (Amendment Act) 1986 |
1.47 |
Salaries/Wages, Staff costs |
As required by Paragraph 42, Part IV of Companies (Amendment) Act 1986 |
1.49 |
Sub-contractors |
This relates to building, meat-processing and forestry businesses. Sub-contractors are those defined by Section 531 TCA 1997 and are commonly included in the expense schedules to the statutory accounts |
1.66 |
Shareholders' Funds |
The aggregate of called up share capital and all reserves, excluding minority interests. |
1.67 |
Profit on ordinary activities before taxation |
As required to be disclosed in Profit and Loss Account or notes by Section 4(14) Companies (Amendment) Act 1986 |
1.68 |
Loss on ordinary Activities before taxation |
As required to be disclosed in Profit and Loss Account or notes by Section 4(14) Companies (Amendment) Act 1986 |
2. For Income Tax Returns Form 112006filed on or after 1 August 2007
In order to keep filing requirements standard Revenue will only request that the data to be entered in the mandatory fields will be the same as that required for any Form 11 being filed. The notes for guidance on completion of Form 11 apply and are reproduced in the chart for ease of reference.
Guidance chart:
Form 11 2006 Ref |
Accounts Item |
Definitions for Cases with Turnovers > €20m (including cases filing with Large Cases Division) |
Mandatory Fields Required |
||
125 |
Sales/Receipts/Turnover |
This is gross trading income receivable excluding Government payments |
129 |
Gross Trading Profits |
This is the gross profit of the business after adjusting for opening and closing stocks and input costs |
130 |
Salaries/Wages, Staff costs |
This includes all staff remuneration (taxed and untaxed), staff training, redundancy payments, PRSI, pensions, etc. The owners wages should not be included but should be input in “Drawings” |
131 |
Sub-contractors |
This relates to building, meat-processing and forestry businesses. Sub-contractors are those defined by Section 531 TCA 1997 |
150 |
Net Profit per Accounts |
Excluding exempt income and related expenses |
151 |
Net Loss per Accounts |
Excluding exempt income and related expenses |
