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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: 1957
How do I record the sale of EIS shares on my self assessment tax return?
How you record the sale of EIS shares depends on whether or not it is exempt from capital gains tax, as follows: Exempt – if the shares have been held for more than three years and income tax relief was claimed on the subscription. Not exempt – if the gain was previously deferred. To...
rating 21 Sep, 2015 Views: 1953
Worked example of basis period for 2017 and previous years.
The basis period is the time period that HMRC uses for tax. If the accounting year end doesn't match HMRC's tax year end, these periods can be different and cause profits to be taxed twice (overlap profits). This is an example of a business that started trading on 1 November 2013 and prepares...
rating 21 Mar, 2019 Views: 1942
Can I submit the SA200 short tax return in TaxCalc?
You can't submit the SA200 short tax return in TaxCalc but you can use the longer SA100 tax return. You can file an SA100 either: on paper by 31 October or online by 31 January. TaxCalc will calculate any liability or repayment due, saving you time and ensuring you are aware of any...
rating 02 Mar, 2018 Views: 1918
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: 1893
Why am I not receiving tax relief for my pension contributions?
You'll only see tax relief for your pension contributions if you pay tax at the higher rate. You make pension contributions net of basic tax. If you are a basic rate taxpayer, you receive tax relief in the form of HMRC topping up your payment by 20%. You get the tax relief automatically if...
rating 20 Aug, 2019 Views: 1873
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: 1839
My P60 from employment is showing a negative tax deducted figure – where do I enter this?
In certain circumstances, your P60 may show a negative tax deducted figure. HMRC's online filing portal will only allow you to input this within the Employment pages if you have another employment in the year to offset the tax amount again. If you do have a second employment schedule, enter the...
rating 30 Jul, 2021 Views: 1793
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: 1744
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: 1672
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: 1600
Worked example of a business that has changed its accounting year end - Basis Periods
Change of accounting date When there is a change of accounting date, the basis period for the tax year may differ from the accounting period, although this will depend on whether the accounting period has been shortened or lengthened. A shorter accounting period may mean that overlap profits will...
rating 24 Mar, 2020 Views: 1598
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: 1596
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: 1563
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...
rating 23 Mar, 2021 Views: 1454

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