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How do I use the demo database?
The demo database allows you to practise using TaxCalc on a separate standalone database and trial its features without having to enter lots of data. To use the demo database, follow these steps: Start up the trial product in TaxCalc. Click on Notifications in the top right-hand corner. ...
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04 Jul, 2022
Views: 2765
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Which self employment form should I complete?
There are two versions of the Self Employment pages of the tax return – the short and the full form. The short form is a simplified version of the full form with fewer entry boxes. You must use the full form if any of the below statements are true: turnover is more than £85,000 (or would...
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09 Mar, 2023
Views: 2751
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1046 - I am an agent trying to file a client’s tax return
As an agent, if you have recently made a submission for another client, for the same tax return type, the likely cause is going to be the UTR entered on the return. We would recommend ensuring that you have a HMRC letter with the UTR present to verify that this is correct and has been entered...
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29 Jun, 2021
Views: 2746
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Capital Gains Tax- Share Disposals
Unfortunately TaxCalc cannot deal with transactions where you have purchased shares at different prices at different times (including the 30 days, bed and breakfast etc.) also known as Section 104 holding. This means that you will need to complete the Capital Gains Tax section in HMRC Forms mode...
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06 Jun, 2023
Views: 2679
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How do I offset current year trading losses against other profits or chargeable gains on a CT600?
To offset current year trading losses against other profits or chargeable gains on a CT600, follow these steps: SimpleStep go to CT600 > Losses, Management expenses, NTLRDs and NTLIFAs > Trading Losses > Enter the amount in the box labelled Set against other profits or chargeable...
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20 Apr, 2023
Views: 2676
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Claiming Married Couples Allowance
Married Couples Allowance (MCA) is an age related allowance applicable if at least one spouse is born before 6th April 1935. It could reduce your tax bill by between £353 and £912.50 a year. You can claim Married Couple’s Allowance if all of the following criteria apply: you’re...
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28 Mar, 2022
Views: 2644
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How is Top Slicing Relief calculated after the Finance Bill 2020 changes?
What is Top Slicing Relief? Top Slicing Relief (TSR) hypothetically spreads a chargeable event gain (CEG), such as a gain on a life policy, over the years of the policy, such that the tax is payable as if the CEG had been received in equal amounts every year. It’s not an exact calculation as it...
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06 Sep, 2023
Views: 2631
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How do I unlock my return?
Your return is locked if: all fields in TaxCalc are filled in yellow a no-entry symbol appears when you hover over the fields with your mouse you can't enter data into the fields. To unlock the return, follow these steps: Click on File from the top menu. Remove the tick next to Lock...
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02 Mar, 2018
Views: 2584
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CT600 how to claim terminal loss relief
What is Terminal Loss Relief Where a company has stopped trading and it has made a loss in its final 12 months of its trade the relief is extended as the company can carry back any trading losses that occur in the final 12 months of a trade and set them off against profits made in any or all of...
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21 Mar, 2024
Views: 2529
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Class 2 when Self Employment / Partnership ceased or started part way through the year
If the Lloyds / Self-Employment / Partnership started trading in the middle of the tax year or ceased trading part way through the tax year, please complete the applicable entries listed below. Using SimpleStep mode: Go to Working out your tax > Class 2 & Class 4 NICs maximum charge. ...
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07 Jun, 2023
Views: 2514
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How much tax will I need to pay in January?
The information you provide within the SA302 calculation will determine how much tax is due. This calculation will then apply any tax already deducted and leave you with a balancing payment (if there's any tax outstanding) or a repayment due (if you've overpaid in tax). If your total tax bill is...
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21 Mar, 2024
Views: 2502
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How do I claim reinvestment relief for SEIS shares?
For comprehensive information on the Seed Enterprise Investment Scheme (SEIS), including when you can claim relief, read HMRC guidance: Seed Enterprise Investment Scheme – Income Tax and Capital Gains Tax reliefs. To claim reinvestment relief for SEIS shares you'll need to complete the claim...
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07 Jun, 2023
Views: 2464
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How do I use the What If? Planner?
You can use the What If? Planner to forecast next year’s tax liability by following these steps: Open the SA100 tax return in question Go to Check & Finish. Click on What If? Planner Enter the income figures: Click on Use 2023/24 Values and use Add/Edit for each section to adjust...
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21 Mar, 2024
Views: 2450
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CT600 (version 3) Important Information
This form is used for periods starting on or after 1st April 2015. After a successful beta of this return type, online filing has been enabled. If you do notice anything unusual, you should report it to the Support Team at support@taxcalc.com. Please note that the 2015 CT form no longer has a...
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04 Apr, 2023
Views: 2359
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Capital Gains Tax refunds - how to receive a timely refund
Why does TaxCalc not provide information on Capital Gains Tax (CGT) paid? The reporting process for real time Capital Gains is something that software developers have not been given access to by HMRC so we cannot provide a link to this information via the Tax Return Production process in TaxCalc....
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08 Sep, 2022
Views: 2343
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