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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: 3002
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How do I submit a tax return online?
Once you've completed your tax return, you can submit it online using TaxCalc. To do this, please see our video tutorial below: Alternatively, please see the written steps below: Click on Check and Finish. If there are no errors, click on File Online. Make sure the Test File box is...
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05 Nov, 2020
Views: 2969
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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: 2948
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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: 2919
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Full Expensing capital allowances available from 1 April 2023 until 31 March 2026
What are the new temporary capital allowances? From 1 April 2023 until 31 March 2026, 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 qualifying plant and...
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10 Jul, 2023
Views: 2869
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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: 2857
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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: 2854
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Accrued Income Scheme - entering negative losses
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...
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24 Mar, 2025
Views: 2801
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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: 2787
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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: 2762
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Where do I enter any credit already on my HMRC account?
Enter any credit already on your HMRC account in SimpleStep or HMRC Forms mode. SimpleStep mode Go to Working out your tax > Payments on account. Enter the credit amount in the box Please also enter here any other payments or credits towards... HMRC Forms mode Go to Payments on...
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29 Mar, 2022
Views: 2756
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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: 2750
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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: 2720
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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: 2698
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MTD for Income Tax - Frequently Asked Questions
MTD for Income Tax - Frequently Asked Questions Q1) As an agent, what does MTD mean for my clients? Clients that are mandated for MTD will be required to: Maintain Digital Records (Bookkeeping Software/Spreadsheets) for each business at least quarterly Submit income & expenses...
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20 Jun, 2025
Views: 2651
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