Frank Investement Income

Hello

Company A holds all shares of Company B. B pays out dividends to A. This is classified as franked investment income. which account would allocate this in QuickFile. It is not taxable as it has been taxed already (double taxation rule)

Thanks

Hello @Dean85

While we can give advice on QuickFile, I would recommend you consult your accountant on questions such as this for professional advice (we are not accountants nor bookkeepers).

Yes will do but ive doing accounts for my 5 companies over the last 14 years… so i am ok… just need to know which account to tag it to so that it doesn’t show as a taxed revenue…

Hello @Dean85

As QuickFile does not produce final accounts, it would not matter to much.

I would create a new nominal code (near Miscellaneous Income (4900)) and use that.

The accountant will pick it up and move to the CT600 at year end.

I was looking on how to create new norminal account … how do you do it? I can’t find the settings to create … this is what I’m after…

Sent out of office

Hi,

https://support.quickfile.co.uk/t/adding-a-new-nominal-account/8882

Hope this helps

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You just enter it as dividends in QF. Franked investment income is just the box on the tax return you need to enter it in.