If you have several instances of foreign property income for which there are previous unused finance costs, you may have to manually enter the brought forward finance costs for those properties. You will receive the following TaxCalc message: In the previous tax year, there were unused...

When filing a CT600 return online to HMRC, you may receive the below error: Please Note: this error could appear due to a delayed response on a recent submission. Please refer to our Knowledge Base article on: Delayed response / Return keeps polling when filing to HMRC for further details...

When using Fetch taxpayer data to retrieve information from HMRC, if HMRC does not recognise that the client has been authorised, a message will appear : 'HMRC does not recognise that this client has been authorised with the agent credentials being used in token management'. Note : HMRC have...

You can still use separate filing credentials when filing online. You'll have two options when you file the return: Manually type in the credentials that you use to log into the HMRC website – this can be any user ID and password that's registered to file online for this Unique Taxpayer...

The HMRC guidance document confirms below the factors which have to be applicable in order for the relief to be available. Individuals will be able to claim a basic rate tax reduction from their Income Tax liability on the portion of finance costs not deducted in calculating the profit. In...

If a CT600 return with a refund is processed without any bank account details, HMRC's system will process the repayment as a cheque. This is because their system does not store any bank account details previously entered (for example from other records, previous payments or previous submissions. ...

The lifetime allowance charge was abolished by Finance (No.2) Act 2023 s18 with effect from 6 April 2023, although other tax charges can apply in its place. Under Finance (No.2) Act 2023 s19, benefits that would have otherwise suffered a 55% lifetime allowance charge are instead treated as pension...

If your receiving a 1046 HMRC authentication error when trying to file an individual (SA100), partnership (SA800), trust (SA900), corporation tax (CT600) or non MTD VAT return and you fall into either of the following categories, you may need to take action. You’ve recently changed your...

Below is some useful information surrounding the data held within the Dividend Database for the 2023-24 tax year. For information relating to other years, please see Dividend Database, useful information Alpha FX group Renamed to Alpha Group International for 2023 National Express Renamed to...

We have received correspondence from HMRC, as some of our customers also have, to alert us to the entries required in certain loss amount boxes within the CT600. The boxes affected are: 805/810 UK property business losses. 830/835 non-trading losses on intangible fixed assets. ...

Updates need to be sent to HMRC quarterly and by the deadline, to avoid penalties, but it is possible to send more frequently if this is preferred. Click Create New Update. From here the Import data screen is displayed where you can import, map and save data. If the data being imported is for...

Within Tax Return Production, select the client and the tax return. From the View menu, select Yearly Comparison. From here you will be able to see the details the variance in income and expenses between the current and prior tax year.

You can only switch to a summary breakdown of expenses in your SA800 partnership return if turnover is below the threshold for declaring income on the Full Form. The business threshold for 2025-26 is £90,000. To switch to a summary breakdown you need to clear all entries made on the Full Form,...

The interest on the SA302 summary will be different from the interest on the return because the SA302 shows the gross amount received (before tax has been deducted) and the return shows the net amount (after tax has been deducted). The amount on the SA302 summary is calculated by taking the net...

To create an R40, follow these steps: Open the client in Tax Return Production. Click on New Return. Select R40 - Individual Repayment from the first drop-down menu. Select the relevant tax year from the second drop-down menu. Click on Create. Double-click on the R40 to open it, or click...