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Restricted Finance Costs from Property Income
Restricted Finance Costs from Property Income From 6 April 2017, new rules were introduced to restrict deductions from property income for finance costs for residential properties for individuals . The measure was introduced is to restrict relief for finance costs to the basic rate of income tax...
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29 Mar, 2022
Views: 2629
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How do I claim relief for Research and Development from 1 April 2024?
Merged Research and Development Expenditure Credit (RDEC) scheme from 1 April 2024 For Corporation tax accounting periods beginning on or after 1 April 2024, a new merged Research and Development Expenditure Credit (RDEC) scheme is available for eligible trading companies within the charge to UK...
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27 May, 2025
Views: 2601
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What is the tax pool calculation in a Trust return (SA900)
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...
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07 Nov, 2023
Views: 2594
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Which box does my mileage figure post to in the wizard?
There are two possible sections in TaxCalc where you can enter the mileage figure. SimpleStep mode: Your Work > Employment > Fringe Benefits > Vouchers, credit cards and excess mileage allowance > Mileage Wizard. OR Your Work > Expenses > Business travel and subsistence...
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06 Jun, 2023
Views: 2577
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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....
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15 May, 2015
Views: 2567
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Filing a CT600 for a non-resident company
From 6 April 2020, non-UK resident companies including those who invest in UK property through collective investment vehicles (CIV) will need to pay Corporation Tax instead of Income Tax on profits from UK property. This will require submission of an annual corporation tax return (CT600) and...
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09 May, 2022
Views: 2558
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Do I receive tax relief for my Gift Aid payments?
When you make a Gift Aid payment you have to state that you pay enough tax for the charity to claim back the basic rate of tax paid on the donated amount. If you pay the basic rate tax, you won't receive any tax relief. If you're a higher rate taxpayer, you'll receive additional tax relief...
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02 Mar, 2018
Views: 2556
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When do I make payments on account?
You'll usually have to make two payments on account for the current year's tax: One by 31 January in the current year. One by the following 31 July. Each payment is half of the tax due for the previous year. For example, for the tax year 2024-25 (6 April 2024 to 5 April 2025), the first...
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25 Mar, 2025
Views: 2534
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Where do I enter Coronavirus other support grants on a SA100 and SA800
To declare CJRS (Coronavirus Job Retention Scheme) claimed through HMRC, and other grants provided by local government to support businesses through the Coronavirus pandemic please refer to the below instructions on where to declare this. Please note, SEISS grants reference has been removed from...
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25 Mar, 2025
Views: 2499
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Capital Gains Tax (CGT) on HMRC Forms
Please see the following instructions on how to complete the Capital Gains Tax (CGT) pages on HMRC Forms Go to Capital Gains > Do you want to complete the Capital Gains page? ‘Yes’ > Do you wish to use Forms Mode? ‘Yes’ HMRC Forms mode is a form filling exercise where you...
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04 Apr, 2023
Views: 2489
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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...
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20 Aug, 2019
Views: 2414
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Importing a Tax Return stored as a file into the Database
TaxCalc defaults the tax returns to be stored in the central database. If you’re using a standalone or network version, you have the option to store your returns either in a local database or in regular files. We do not recommend this as it may cause potential duplication of data, particularly...
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09 Mar, 2023
Views: 2411
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How do I carry back partnership losses?
To carry back a partnership loss for the current year to a previous year, you need to make a manual adjustment to your SA100 tax return for the year in which the loss occurred. You don't need to re-submit your return for the previous year and this cannot be done via the SA800 tax return. To...
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01 Aug, 2022
Views: 2411
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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,...
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14 Jan, 2021
Views: 2398
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Claiming relief on P2P loans
To claim relief on peer-to-peer (P2P) loans for the current tax year (2024/25), you will need to make a manual reduction before entering figures onto the return. Please see the guidance published by HMRC (Income tax relief for irrecoverable peer to peer loans guidance) for more information....
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25 Mar, 2025
Views: 2338
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