Income from trusts or settlements

This section is accessed via the data input tab within that tax return and is used to enter income from trusts and settlements.

  • ‘Name of trust’ Enter the name of the trust.
  • Trust UTR‘ Enter the Unique Taxpayer Reference for the trust.
  • Address‘ You may enter the address of the trustees for your own information if required.
  • ‘Trustees not resident in the UK for tax purposes?’ Tick the box if the trust is a non-resident trust for tax purposes. If the trust is non-resident and the income is taxable, tick this box and enter the income into the section Other overseas income and gains, unless the trust is settlor-interested.

Discretionary income payment from UK resident trust

  • Net amount’ Enter the net amount of discretionary income from trusts that are not settlor-interested.
  • Total payments from settlor-interested trusts’ Enter the payments if the trust is settlor-interested.

Non-discretionary income entitlement

  • Net amount of non-savings income’ Enter the amount from box 3 of the R185(T).
  • Net amount of savings income’ Enter the amount from box 4 of the R185(T).
  • Net amount of dividend income’ Enter the amount from box 5 of the R185(T).

Relief for Residential finance costs

Relief is entered in a grid format

  • Description of property business’
  • Profits’
  • Finance costs
  • Unrelieved costs b/fwd
  • Available for relief
  • Unrelieved costs c/fwd

Additional text note for Tax Return

Enter any additional information you wish to appear in the white space of the tax return.

Using income losses against capital gains

Firstly, please ensure that you are making the best use of the losses before proceeding. Select the Capital gains tab from the data input screen Click on the Disposals tab, and enter the relevant information Click on the Capital Losses tab, and enter the amount of loss that you wish to set off against the […]

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Restricting access to clients

This feature is only available for multiuser accounts, it has been designed so that you can restrict user access for certain clients if required. Users with “edit client access” rights AND who have access to a client can assign or remove access rights via the Access tab on the client screen. The default is that […]

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User restrictions within Taxfiler

This function is only available for a multiuser license. Some functions within Taxfiler can be restricted from a user. From the SETTINGS icon select Users and select the user that you wish to edit Select Restrictions tab You will be presented with several functions which can be selected or removed via a tick box. For […]

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