What are the new capital allowances? From 1 April 2023 (and originally until 31 March 2026 but now permanent), companies, who are subject to corporation tax (CT), investing in qualifying, new plant and machinery assets will be able to claim: a 100% full expensing first year allowance (FYA) on...

The Post Tax Journal page can be accessed by clicking Post Tax Journal on the Check and Review your Return screen within Check and Finish. This feature is present on the CT600 Version 3 onwards and can used to post a corporation tax charge or refund directly into Accounts Production based on the...

This article will run through where to enter Coronavirus Support Schemes on a CT600. You can enter this information in one of two ways: SimpleStep mode: Coronavirus support schemes and overpayments > boxes 471 - 474 as required. HMRC Forms mode: CT600 Core > Core > Page 5 >...

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 2025/26 Values and use Add/Edit for each section to adjust...

At TaxCalc we use the same terminology that's used across most software markets. Some of these expressions can seem similar so to avoid confusion, this page gives an explanation of each. Renewal If you're a user of our Accountancy Practice software, you'll be invited to renew your package 30...

You can't restrict the use of losses that have been carried forward from a previous year as they must be used against the first available profits. This means that you can't reduce the amount of the loss to use up the personal allowance first. HMRC states that the losses should be deducted from...

TaxCalc doesn't calculate Private Residence Relief (PRR) on Capital Gains Tax. You will have to do this manually. You can use the HMRC helpsheet on PRR (from page 6) and the HMRC website to help you with these calculations. If you have any queries on Capital Gains Tax and PRR call the HMRC...

If you want to open a CT600 return made in an earlier version of TaxCalc, follow these steps: Go to Practice Manager. Click on Import Client Select the tax year you wish to import the file from click Continue Choose if you want to import a single return or multiple returns and Browse to...

To write off small pools (with a balance of less than £1,000) and claim the allowance, first open the Capital Allowances grid. SimpleStep mode SA100 – Your Work > Self Employment > Short/Full Form – Details > Capital Allowances SA800 – Trades or professions for (XXX) >...

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...

What is a tax pool Tax pools apply to discretionary trusts. Discretionary trusts are taxed at the trust rates of income tax and the trustees are responsible for paying the income tax on income received by the trust. When trustees make a discretionary payment of income to beneficiaries, the...

The HMRC API can be used with the following years. Note if a submission has already been made, this will not return any data 2024/25 2023/24 2022/23 2021/22 2020/21 2019/20 2018/19 2017/18 The following years are available but may NOT return relevant data as HMRC are currently...

If you have received losses from the Accrued Income Scheme and deeply discounted securities, unfortunately, according to HMRC Exclusion 4 (see link to HMRC Filing Exclusions and Special Cases 2024/25), a negative amount cannot be entered into box 2 of the Lloyds Pages (LU1). Please note, this...

The Foreign Income and Gains (FIG) regime replaces the previous remittance basis from 6 April 2025, although neither an individual’s nationality, domicile at any time, nor their ability to claim the remittance basis in previous years affects eligibility for the FIG regime. The regime allows...

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. ...