|
Information about the Trading/Property allowance
Trading and Property allowance came into effect in the 2017/18 tax year. This effectively means that if your income (before expenses) is less than the £1,000 value, you will no longer have to declare or pay tax on this income. HMRC have published information on their website surrounding the tax...
|
|
09 Mar, 2023
Views: 2133
|
|
|
How do I import joint income between two tax returns (Practice User)?
You can import income from one return to another by following these steps: Open up an SA100 tax return. Select Joint income importing from the left-hand menu. Select Import joint data. Browse and search for the client you want to import the data from. Click on Select. Select the tax return...
|
|
11 Aug, 2015
Views: 2132
|
|
|
Network Access is Disabled
When submitting a tax return through to HMRC, it can sometimes fail with the message 'Network access is disabled' There are a few reasons for potentially obtaining this error when sending a live submission through the gateway. These include: Proxy Server Firewall/Anti-Virus blocking...
|
|
29 Mar, 2022
Views: 2114
|
|
|
Does TaxCalc cater for foreign residency or Dual Tax pages?
Yes, TaxCalc caters for foreign and dual residency pages. The residence and remittance pages have wizards which help you fill the criteria while calculating your tax, so you always know how much you need to pay or are owed. You can calculate your personal allowances by virtue of Double Taxation...
|
|
29 Mar, 2022
Views: 2111
|
|
|
How do I access the What If? Planner?
The What If? Planner lets you forecast next year's tax bill. To access the planner, follow these steps: Open your individual tax return (SA100). Click on WhatIf Planner from the left hand menu. If you have purchased the What If? add on product and this option isn't available, check the...
|
|
25 Oct, 2022
Views: 2045
|
|
|
Enterprise Investment Scheme tax relief clawback and how to inform HMRC
How to effect the clawback of income tax relief on the EIS investment sold within 3 years? You must notify HMRC of the event as soon as you can as the clawback of EIS relief is not made under self-assessment but by a special assessment., and so HMRC will need to calculate and send this to you in...
|
|
03 Jan, 2023
Views: 2044
|
|
|
HMRC Filing Exclusions and Special Cases 2020/21
HMRC Filing Exclusions 2020/21 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...
|
|
20 Apr, 2023
Views: 2021
|
|
|
1046 - I am trying to file a trust tax return (SA900) 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...
|
|
29 Jun, 2021
Views: 2001
|
|
|
Can I use Dropbox or other file hosting services to store and share my data? (Practice users)
If you use a stand-alone machine, we recommend that you store your data on the default local database to ensure that all data is stored centrally and securely. However, if you want to share data in a cloud or hosted environment such as Dropbox, you can store data in individual files as with...
|
|
23 Mar, 2022
Views: 1968
|
|
|
Importing director dividends from Accounts Production into the SA100
How can I import director dividends from the company accounts into a tax return (SA100)? Dividend information for directors' individual tax returns can be viewed and selected within the tax return, rather than searching for the amounts separately in Accounts Production. This functionality relies...
|
|
14 Mar, 2023
Views: 1940
|
|
|
Can I submit to HMRC and Companies House at the same time?
Joint filing of accounts to HMRC and Companies House which HMRC offer is exclusive to them at the moment so no third party providers can do this via a tax return submission. Therefore, any third party application would need to file to HMRC and Companies House as part of a separate process. In...
|
|
29 Mar, 2022
Views: 1901
|
|
|
Annual Investment Allowance 2019 Update
The AIA limit is increased from £200,000 to £1 million for two years from 1 January 2019. This increase has been extended until the tax period falling before 1 April 2023. Transitional rules will apply where there is a chargeable period which spans the 1 January 2019, or 1 April 2023: ...
|
|
29 Mar, 2022
Views: 1899
|
|
|
How to use the joint property income calculator
The joint property income calculator is available in SimpleStep mode within the UK Property and Furnished Holiday lettings in the EEA pages, accessible from each property record created. Unlike the joint income importing functionality which assumes a 50% split, the calculator allows for the...
|
|
12 Oct, 2023
Views: 1895
|
|
|
How do I claim foreign tax credit relief on my Capital Gains?
You can claim foreign tax credit relief on the Capital Gain entries on your tax return in SimpleStep or HMRC Forms mode. SimpleStep mode Go to Capital Gains Tax. Check that you've completed the required details on the Asset Details page. Go to Foreign Tax Credit relief. Complete the entries...
|
|
21 Sep, 2015
Views: 1890
|
|
|
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. ...
|
|
08 Nov, 2022
Views: 1872
|
|
Cookie Settings