ONESOURCE Corporate Tax - Ireland has been specifically designed by Thomson Reuters as a powerful tax compliance tool, able to deal with straightforward returns through to the most complex. Our solution is used by a global accounting firm throughout Ireland, and is part of the suite of ONESOURCE products used by the majority of the FTSE 100 companies in the UK.

The software enables the efficient and timely calculation of tax computations and estimates, producing the Revenue CT1 return form, together with comprehensive tax logic schedules to support the return.

Focused on straightforward, logical and easy to use functionality, our solution is a user-friendly tool for completing all corporation tax computations. The product is supported with a comprehensive help section, and a helpline manned by IT and tax professionals.

Computational Features

  • Analysis schedules to support all income and expenditure items.
  • Capital allowances schedules, supporting various types of assets, and taking account of various reliefs available to calculate allowances.
  • Foreign income, income from a foreign trade or foreign branch, and foreign interest taxed as Case I.
  • Property schedules dealing with both ring-fenced and non ring-fenced rental properties.
  • Capital disposal schedules, calculating the gain or loss on various different types of assets and applying relief and loss offset as appropriate.
  • Research and Development Expenditure and Capital Credit schedules which calculates credits to be offset and excess credits to be  carried forward for future years.
  • Detailed calculations, such as medical premiums paid and motor expense restriction.
  • Automatic offset of losses between trades where appropriate, presented on a loss summary schedule.
  • Calculation of loss on a value basis relief.

Foreign Aspects

ONESOURCE Corporate Tax - Ireland offers full multi-currency functionality, allowing for computation or schedule preparation in foreign currencies. DTR is calculated
and offset automatically.

Confidence During The IXBRL Transition

The ONESOURCE Corporate Tax platform has a proven track-record in iXBRL accounts and computation filing having supported over 137,000 submissions in 2011.  We can harness this knowledge and experience to ensure a seamless transition to the upcoming iXBRL Accounts and Computation requirements in Ireland.  

Forms and Electronic Filing

The CT1 return form is included in the software. The return is automatically populated by the computational sheets and designed for easy electronic filing. We will always be fully compatible with current ROS (Revenue On-line Services) requirements.

Ease of Use

ONESOURCE Corporate Tax - Ireland is designed to only present users with information they need, based on a dynamic development menu. Computations only includes schedules which are used. It is a transparent system  – all tax logic is visible  and all rates and thresholds are available for user review.

Taxpack Module

The Taxpack module enables the development of a basic, pre-formatted spreadsheet-based taxpack from a ONESOURCE Ireland computation. When the taxpack is complete, and the crosschecks have been verified, all the detail can be uploaded directly into the computation by the click of a button, saving considerable time rekeying.

Available Support

We believe that successful software providers should be as available for their clients after a sale as before.
As a result clients using ONESOURCE Ireland software enjoy regular support from our experienced team of tax and technology professionals. This includes:

  • Comprehensive user training that includes face-to-face sessions on functionality, installation, and online training methods.
  • Online help modules on specific technical areas.
  • The ONESOURCE hotline which operates from 09:00 – 17:30 during working weekdays.
  • Regular legislative updates to the software.

Read more about ONESOURCE Software For Irish Corporation Tax Compliance

ONESOURCE

ONESOURCE from Thomson Reuters isdesigned to help you seamlessly managecompliance and reporting tax needsacross constantly changing worldwidetax environments, anytime, anywhere.ONESOURCE solutions can handle all your taxplanning needs, from transfer pricing and taxreturn compliance to global tax reporting – allin one place. Maximising profitability, managingrisk - Thomson Reuters is the global technologypartner your business demands.

IXBRL - WHAT IS DIFFERENT?

An iXBRL document is a representation of theaccounts or the computation in web page formatwhich can be viewed on-screen. Behind the webpage, key data has been identified and “tagged”so that it can automatically be processed by acomputer. The shift to e-filing will allow ROSto automate manual review processes as wellas enable performance benchmarking anddata-mining analysis of information that youhave submitted.

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