Trade Profit/(Loss) (SA900)

This screen is accessed via the Data Input tab within the tax return. Where multiple trades or professions are included these need to be entered separately. Taxfiler will create additional pages as required. 

Trust & Estate trade profit/(loss) 

  • Name of business – enter the name of the business.
  • Description of business – enter a brief description of the trade. 
  • Has the name or address changed since last Tax Return? – tick the box if the name or address of the business has changed since the last return was completed. 
  • Date of commencement – enter the date the business commenced if in the current tax year. 
  • Date ceased – enter the date the business ceased trading if in the current tax year. 
  • Business registered for VAT? – tick the box if the company is registered for VAT. 

Capital allowances 

  • Capital allowances at 18%
  • Capital allowances at 8% – (for tax years up to 2018/19). 
  • Capital allowances at 6% (from 2019/20) – enter the amount of the claim to allowances in respect of Special Rate Pool expenditure.  
  • Electric Charge Point Allowances
  • Structures And Buildings Allowance
  • Freeport Structures And Buildings allowance (added from 2022) 
  • Zero-emissions car allowances (added from 2022) 
  • 100% and other enhanced capital allowances
  • Total capital allowances
  • Includes enhanced allowances for environmental expenditure? (up to and including 2020/21 tax year) – tick this box if any allowances claimed includes claims to enhanced allowances on environmental expenditure.

Accounting period 

  • Start of period – enter the start date of the accounting period 
  • End of period – enter the end date of the accounting period 
  • Account details are not required
  • Accounts do not cover period from last accounting date
  • Change of accounting date – tick the box if the accounting date has changed. For additional information refer to HMRC HS222 
  • Do figures include VAT? – tick the box if the figures include VAT, this is typically the case where a partnership that is registered for VAT is using the cash basis. 
  • Is the cash basis being used? – tick the box if the accounting is done on a cash basis. You cannot claim capital allowances if you’re using cash basis, the only exception is cars. 

Income and expenses 

Use the following fields to enter the values for the income and expenses. Next to each field is a box to be completed if there are any expenses that are disallowed expenses to be added back into the net taxable profit/(allowable loss) value. Refer to HMRC guide for a list of disallowable expenses:

  • Turnover
  • Cost of sales
  • Construction industry subcontractor costs
  • Other direct costs
  • Gross profit/(loss)
  • Other income/profits (include CJRS and other coronavirus support payments). From 2020/21 tax year ensure that any Coronavirus Support Payments received are included. 
  • Employee costs
  • Premises costs
  • Repairs
  • General administrative expenses
  • Motor expenses
  • Travel and subsistence
  • Advertising, promotional and entertainment
  • Legal and professional costs
  • Bad debts
  • Interest and alternative finance payments
  • Other finance charges
  • Depreciation and loss/(profit) on sale
  • Other expenses including partnership charges
  • Total expenses Taxfiler shows the sum of all the expenses added, and the sum of the disallowed expenses 
  • Net profit/(loss) Taxfiler shows the difference between the income and expenses 

Adjustments, tax and charges 

Enter any adjustments that need to be included in the return, refer to HMRC guide for further information: 

  • Goods etc. taken for personal use and other adjustments
  • Total additions’ 
  • Deductions from profit
  • Total deductions
  • Net business profit/(loss)

Basis period adjustments 

  • Start of basis period
  • End of basis period
  • Basis period adjustment
  • Overlap profits b/fwd
  • Overlap relief used
  • Overlap profits c/fwd
  • Farm averaging adjustment

Profit/(Loss) calculation 

  • Net profit for basis period – this calculated by Taxfiler using the Net business profit/(loss) taking into account any values entered in the Basis period adjustments section. 
  • Allowable loss for period
  • Losses brought forward from earlier years – Taxfiler automatically brings forward a carried forward loss from the previous tax year when the new years’ tax return is created. This amount can be manually overwritten.  
  • Taxable profit after losses – this is calculated by Taxfiler after considering any losses brought forward and used against the profit of the current tax year. 
  • Total loss to carry forward – this is calculated by Taxfiler. 

Other details 

  • Any other business income
  • Construction industry deductions from contractors
  • Tax taken off trading income
  • Profit or loss is provisional? – tick the box if any provisional income or expenses are included in the profit or loss figure 

Balance sheet 

If the Trust or Estate business accounts include a balance sheet, enter the values into the following boxes. If the accounts do not have a balance sheet leave these fields blank:

  • Equipment, machinery and vehicle
  • Other fixed assets (premises, goodwill, investments etc.
  • Stock and work in progress
  • Trade debtors
  • Bank/building society balances
  • Cash in hand
  • Total assets
  • Trade creditors
  • Loans and overdrafts
  • Other liabilities and accruals
  • Total liabilities 
  • Net business assets
  • Balance at start of period
  • Net profit or loss
  • Capital introduced
  • Drawings
  • Balance at end of period
Additional text note for Tax return 

Enter any additional notes that are to be included in the white space on the tax return.