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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: 1620
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How does the CT600 calculate tax for a period that straddles 1 April 2023 with the 25% main rate change?
From 01/04/2023, HMRC have increased the main rate of corporation tax from 19% to 25%. The small profit rate of 19% remains for *companies with profits under £50,000. *Small profit rate is not available from 1 April 2023 for Close investment-holding companies Non-UK resident companies ...
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13 Mar, 2024
Views: 1610
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Audio-Visual Expenditure Credit (AVEC) and Video Games Expenditure Credit (VGEC)
The new Audio-Visual Expenditure Credit (AVEC) will replace the current film, high-end TV, animation and children’s TV tax reliefs. Under AVEC companies will instead receive an above the line tax credit based on qualifying expenditure. These will be taxable. The new Video Games Expenditure...
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27 Jun, 2024
Views: 1606
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Where do I enter an averaging adjustment?
To enter an averaging adjustment you need to go into the Full Self Employment pages. SimpleStep mode Go to Your Work > Self Employment > Annualised turnover. Tick the bottom box for Are any of the above true (or do you wish to complete the Full form for any other reason)? Click Next...
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22 May, 2023
Views: 1584
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HMRC Filing Exclusions and Special Cases 2022/23
HMRC Filing Exclusions 2022/23 Exclusions have arisen due to the previous introduction of additional allowances and bands for certain types of income, making the calculation of the tax liability more complex. HMRC systems expect our software to match their method of calculation in order for the...
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30 Nov, 2023
Views: 1582
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How do I use the Batch Filer module?
The Batch Filer module allows you to file SA100, SA800, SA900 and CT600 tax returns in batches instead of individually. You can access Batch Filer from the home screen. The Batch Filer screen will give you details of any previous batches created and break them down by name, number of returns,...
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02 Nov, 2023
Views: 1560
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How do I enter creative tax credit on my CT600?
Creative industry tax reliefs are a group of tax reliefs that allows qualifying companies to increase their amount of allowable expenditure and thereby reduce the corporation tax liability. In case the company incurs a loss during the period, you will be able to a surrender this loss and convert...
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23 May, 2023
Views: 1553
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What are the benefits of pre-ordering TaxCalc (Individual and Business users)?
If you're an Individual or Business customer, you can pre-order TaxCalc approximately 30 days before the update is released in late March. The benefits of pre-ordering TaxCalc are as follows: No extra cost. Avoid the Sales team at their busiest time. First to be notified of the release. ...
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08 Nov, 2022
Views: 1547
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Where do I enter tax deducted for share schemes?
Enter tax deducted for share schemes in the employment pages. Don't complete the share scheme box for taxable amounts that your employer has fully taxed. Normally these amounts are already included in your P60 (or P45 if you've left employment) and these are included in the employment pages. ...
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13 Jul, 2015
Views: 1532
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How to defer class 4 NIC?
Deferring Class 4 NIC From 2015/16, you are no longer able to defer Class 4 NIC. HMRC have changed the rules and if you wish to find out further information, please visit the HMRC website: Defer your National Insurance. However, you may be able to claim a refund for previous tax years. If you...
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05 Apr, 2023
Views: 1532
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How do I use the Annual pension allowance details wizard for defined benefit schemes
How do I use the Annual Pension Allowance details wizard for defined benefit schemes? Whilst our wizard refers to terminology for defined contribution pension schemes, it can be used to determine the annual allowance and any resulting pension tax charge for defined benefit schemes (also known as...
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25 Mar, 2025
Views: 1511
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Why don’t I have to make payments on account?
You don't need to make payments on account (POA) towards the next tax year if: The total tax due (less Class 2 NIC payment) for this year is under £1,000 Or More than 80% of the tax due is met by income tax deducted at source. Illustrated Example for point 1: POA are not due when the...
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02 Mar, 2018
Views: 1498
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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: 1467
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How to import/restore tax return files when moving from the personal to practice interface?
Your tax returns are still present within your folder structure. The practice version of TaxCalc utilises a database to store your data instead of individual tax return files. You simply need to import your returns into the database. Locate your Tax return files. Before starting ensure you know...
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29 Mar, 2022
Views: 1459
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1046 - I am trying to file a partnership tax return (SA800) for myself or friends and family
The best course of action is to attempt the below to verify your account setup and the UTR required for the submission. Step 1: Are you able to successfully log in to the HMRC government gateway portal? TaxCalc has the ability to import the entries for the HMRC User ID and password (if imported...
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29 Jun, 2021
Views: 1446
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