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VT Transaction+

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Self employment tax data

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Introduction

Using the commands on the MTD And Tax Data menu, a profit and loss account and balance sheet in the format required by the self employment or partnership pages of the personal tax return can be displayed, printed or automatically sent to tax software packages. The profit and loss account contains a column for disallowable expenses.

Tax packages supported

Please refer to the Taxation section for a list of the tax packages that can import data from VT Transaction+.

How the trial balance is analysed into tax return headings

Each account in a business in VT Transaction+ is ‘assigned’ to a box in the profit and loss account or balance sheet of the self assessment tax return. To review or change these assignments, choose the Trial Balance Analyser command from the MTD And Tax Data menu. To change the box which contains the rounding difference, click on the Rounding button in the Trial Balance Analyser.