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Tax Return Production
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...
rating 23 Mar, 2021 Views: 1811
Tax on COVID grants
During 2020, and probably continuing throughout 2021, the government are providing grants to assist businesses that have been affected by the Coronavirus pandemic. How are COVID grants taxed? The legislation confirms that all COVID-19 support scheme payments are taxable under either Income Tax...
rating 07 May, 2021 Views: 1802
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...
rating 23 Mar, 2021 Views: 1767
My P60 from employment is showing a negative tax deducted figure – where do I enter this?
If your P60 is showing a negative tax deducted figure, where you enter this depends on whether it relates to tax deducted during employment or after employment has ended: During employment (usually through a PAYE code) – enter the employment as normal on the employment pages and enter the...
rating 02 Mar, 2018 Views: 1690
Where to enter Coronavirus Support Schemes on CT600s
With the new Tax Year underway we have received a number of queries around the Coronavirus Support Schemes for CT600s so we wanted to provide some clarity on how these can be entered into TaxCalc, once you’ve updated to the latest release (v11.13.079 onwards). You can enter this information in...
rating 22 Apr, 2021 Views: 1633
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...
rating 02 Mar, 2018 Views: 1631
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...
rating 28 Dec, 2018 Views: 1617
Why hasn't my return been updated on the HMRC website?
It usually takes 48 hours for HMRC to update its website after you file a return using TaxCalc. If you log into the HMRC website after this time, it will say that the return has been filed. If it hasn't been updated after 48 hours, call HMRC helpdesk on 0300 200 3600 and give them your IR Mark,...
rating 14 Jan, 2021 Views: 1586
Do I need to break down my self employment expenses?
How you report your self employment expenses depends on annual turnover. If turnover is £81,000 or more, you need to provide a breakdown of expenses. If turnover is less than £81,000 (or would be in a full year), you can report the net amount of allowable expenses as a single figure in the...
rating 02 Mar, 2018 Views: 1505
Claiming tax relief for working from home
As per HMRC guidance, you may be able to claim tax relief for additional household costs if you have to work at home on a regular basis, either for all or part of the week. This includes if you have to work from home because of coronavirus (COVID-19). You can either claim tax relief on: £6 a...
rating 24 Mar, 2021 Views: 1493
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: Go to the Check & Finish screen. Click on What If? Enter the income figures: Click on Use 2019/20 Values and use Add/Edit for each section to adjust the figures – if the information is...
rating 04 Aug, 2020 Views: 1492
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. ...
rating 22 Sep, 2017 Views: 1422
Age-related allowance
In previous years, if you were 65 or over, you may have qualified for an additional age-related allowance on top of your personal allowance. Unfortunately for 2016/17, there is no additional allowance which can be claimed. See the table below for figures for 2016–17 and previous tax years. ...
rating 29 Mar, 2017 Views: 1407
How do I remove duplicate returns linking to same file (Individual, Partnership and Limited Company users)?
Sometimes more than one tax return can link to the same file if the file location appears to be different but is effectively the same – for example, one file name has capitals and the other doesn’t. If this happens, although it looks like there are two returns, they both link to the same file....
rating 15 May, 2015 Views: 1375
Can I use Dropbox or other file hosting services to store and share my data? (Practice users)
If you use a stand-alone machine, we recommend that you store your data on the default local database to ensure that all data is stored centrally and securely. However, if you want to share data in a cloud or hosted environment such as Dropbox, you can store data in individual files as with...
rating 09 Jan, 2017 Views: 1368

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