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Taxfiler Accounts: deferred tax showing as refund

Has anyone else come across this?

Didn't find your answer?

I have a set of accounts in Taxfiler for a Ltd Co. The year in question is a loss, but with a Cr to the P&L for deferred tax.
On the final accounts, this is presented as "Tax Repayment."
 

Clearly this isn't ok - my client is not getting a repayment (was a loss LY as well) and the accounts should not be showing as such.

I've emailed Taxfiler but was just wondering if anyone else had seen the same, and if there is a way round it? I suspect this is just how Taxfiler is coded, which would be rather annoying, so I'm hoping it's something else (possibly user error, though I don't think so!).

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By Pygmy
04th Sep 2019 13:30

Surely the deferred tax expense is part of "Tax on profit on ordinary activities" in the FRS 102 Section A Income Statement? What has the change in deferred tax been posted against on the Balance Sheet?

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Replying to Pygmy:
Image is of a pin up style woman in a red dress with some of her skirt caught in the filing cabinet. She looks surprised.
By Monsoon
04th Sep 2019 13:55

Yes,. it's in that section. But instead of coming under that heading under Profit before tax, its showing as "Tax Repayment."

It's been posted against the Deferred Tax account on the balance sheet, which is displaying correctly.

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Replying to Monsoon:
Image is of a pin up style woman in a red dress with some of her skirt caught in the filing cabinet. She looks surprised.
By Monsoon
04th Sep 2019 14:04

I just checked last year and that shows as "Tax (repayment)/paid," when in fact figures in brackets are tax due (net of deferred tax, eyeroll.jpg) and figures not in brackets are credits.

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Replying to Monsoon:
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By Pygmy
04th Sep 2019 14:29

I am afraid I have been unable to duplicate your observations with FRS 102 Section A accounts. I notice that Taxfiler doesn't change its Trial Balance template when you use FRS 105 to prevent the use of deferred tax. I notice that when incorrectly entering a deferred tax refund in FRS 105 you do see "Tax" followed by the "refund" in the income statement. My limited knowledge of your experience (gained only from Accountingweb) convinces me that the two observations are unconnected, however.

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