Overview
BrightAccountsProduction now includes a comprehensive set of Deferred Tax Nominal Codes designed specifically for UK Credit Union templates.
These enhancements improve compliance, reporting accuracy, and automation, ensuring deferred tax movements are correctly reflected within the Provision and Taxation sections of year-end accounts.
Key Benefits
Improved Compliance
Deferred tax is now clearly categorised for:
Losses
Other temporary differences
Business combinations
Investment property revaluations
Automated Note Generation
Postings to these nominal codes will automatically populate:
Provision notes
Taxation notes
Greater Transparency & Auditability
The system tracks deferred tax movements including:
Charges
Utilisation
Releases
Movements
Reserve adjustments
Standardised Chart of Accounts
All applicable codes are now included as system defaults for Credit Union reporting.
New Nominal Codes Introduced
Taxation
| Group | Code | Description |
|---|---|---|
| Taxation | 506 | Deferred tax charge/credit current year |
| Taxation | 506.01 | Deferred tax adjustment relating to previous year |
| Taxation | 508 | Prior year adjustment relating to deferred tax |
Deferred Tax Assets – Prepayments and Other Debtors
| Group | Code | Description |
|---|---|---|
| Prepayments and other debtors | 729 | Deferred tax asset |
Deferred Tax – Capital Allowances
| Group | Code | Description |
|---|---|---|
| Other provisions | 931 | Deferred tax re capital allowances b/fwd |
| Other provisions | 931.01 | Deferred tax re capital allowances charge for the year |
| Other provisions | 931.02 | Deferred tax re capital allowances utilised in year |
| Other provisions | 931.03 | Deferred tax re capital allowances released |
| Other provisions | 931.04 | Deferred tax re capital allowances charged to reserves |
Deferred Tax – Property Revaluation
| Group | Code | Description |
|---|---|---|
| Other provisions | 937 | Deferred tax re property revaluation b/fwd |
| Other provisions | 937.01 | Deferred tax re property revaluation charge for the year |
| Other provisions | 937.02 | Deferred tax re property revaluation utilised in year |
| Other provisions | 937.03 | Deferred tax re property revaluation released |
| Other provisions | 937.04 | Deferred tax re property revaluation charged to reserves |
Additional Deferred Tax Nominal Codes
The following codes are also available and can be added through the Chart of Accounts.
Deferred Tax – Losses
| Group | Code | Description |
|---|---|---|
| Other provisions | 933 | Deferred tax re losses b/fwd |
| Other provisions | 933.01 | Deferred tax re losses charge for the year |
| Other provisions | 933.02 | Deferred tax re losses utilised in year |
| Other provisions | 933.03 | Deferred tax re losses released |
| Other provisions | 933.04 | Deferred tax re losses charged to reserves |
Deferred Tax – Other Temporary Differences
| Group | Code | Description |
|---|---|---|
| Other provisions | 935 | Deferred tax re other differences b/fwd |
| Other provisions | 935.01 | Deferred tax re other differences charge for the year |
| Other provisions | 935.02 | Deferred tax re other differences utilised in year |
| Other provisions | 935.03 | Deferred tax re other differences released |
| Other provisions | 935.04 | Deferred tax re other differences charged to reserves |
Deferred Tax – Business Combinations
| Group | Code | Description |
|---|---|---|
| Other provisions | 936 | Deferred tax re business combinations b/fwd |
| Other provisions | 936.01 | Deferred tax re business combinations movement |
| Other provisions | 936.02 | Deferred tax re business combinations utilised in year |
| Other provisions | 936.03 | Deferred tax re business combinations released |
| Other provisions | 936.04 | Deferred tax re business combinations charged to reserves |
Deferred Tax – Investment Property Revaluation
| Group | Code | Description |
|---|---|---|
| Other provisions | 938 | Deferred tax re investment property revaluation b/fwd |
| Other provisions | 938.01 | Deferred tax re investment property revaluation charge for the year |
| Other provisions | 938.02 | Deferred tax re investment property revaluation utilised in year |
| Other provisions | 938.03 | Deferred tax re investment property revaluation released |
| Other provisions | 938.04 | Deferred tax re investment property revaluation charged to reserves |
Impact on Financial Statements
The system will automatically:
Display deferred tax balances within the accounts
Reconcile deferred tax movements (charges, utilisation, releases, and reserve adjustments)
Generate compliant disclosure notes
This reduces manual adjustments and improves financial reporting accuracy.
Next Steps for Users
Users should:
Review the new nominal codes within the Chart of Accounts
Use the appropriate codes when posting deferred tax entries
Review the automatically generated notes in the year-end accounts