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How do overlap profits/relief work?
Overlap profits can result when the year end date doesn’t line up with the tax year. If there is an overlap, this means that in the first two tax returns that you submit online to HMRC, you will pay tax twice on the overlap amount. The following example shows you how this works. In this...
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10 Mar, 2015
Views: 30627
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How is the reduction of my personal allowance calculated?
The general rule when working out a reduction in personal allowance is that if your income is greater than £100,000, your allowance will be reduced by £1 for every £2 over £100,000. For example, if your income is £110,000, your personal allowance will be reduced by £5,000. The £100,000...
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02 Mar, 2018
Views: 30541
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How do I enter R&D enhanced expenditure (for SMEs) on my CT600 - periods starting before 1 April 2024
R&D enhanced expenditure relief is available for periods starting before 1 April 2024. For periods starting after 1 April 2024 please refer to: How do I claim for research and development relief from 1 April 2024 When you make a claim for research and development (R&D) enhanced...
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11 Mar, 2025
Views: 28095
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How do I pay HMRC?
You can pay HMRC by several methods which are listed below with links to the relevant page on HMRC's website: Same or next day: Online or telephone banking CHAPS (Clearing House Automated Payment System) Debit or Credit Card online (You won't be able to pay with a personal credit card...
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28 Mar, 2022
Views: 24104
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Who is considered a connected persons in Capital Gains?
In Capital Gains, a connected person is: your husband or wife or civil partner (but see the notes on page CGN 2 of HMRC's Capital Gains Summary Notes on transfers of assets between husbands and wives and civil partners) your brothers and sisters, and your spouse’s or civil partner’s...
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24 Mar, 2022
Views: 23254
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How do I offset Capital (CGT) losses?
Any unused Capital Gains Tax losses from previous years that are carried forward have to be used against the first available capital gains. This means that you can reduce your capital gains to the yearly allowance amount (£3,000 in 2024-25) and carry forward the remaining losses. TaxCalc does...
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25 Mar, 2025
Views: 22305
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How is FTCR (Foreign Tax Credit Relief) calculated?
Foreign Tax Credit Relief (FTCR) can be claimed if an individual has paid foreign tax on a source of income which is also chargeable to UK tax. You must be living (resident) in the UK, Isle of Man or Channel Islands if you want to claim Foreign Tax Credit Relief. You can claim the lower of the...
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07 Feb, 2024
Views: 21565
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Which UK ties do I need to enter for non-residence?
If you're claiming non-residence tax you need to enter your UK ties in box 12: SimpleStep mode – go to Residence and remittance > residence and remittance continued and enter the amount in the box labelled How many ties to the UK did you have in 2021-22? HMRC Forms mode – go to...
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23 Mar, 2022
Views: 21372
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Claiming Marriage Allowance
Making a Claim What to do if you cannot claim When trying to check my status or eligibility, a response of invalid or taxpayer not found is given Claiming as a non-resident Making a Claim For 2024/25 the Marriage Allowance lets you transfer £1,260 of your personal allowance to your...
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25 Mar, 2025
Views: 21091
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When will TaxCalc 2025 be available?
TaxCalc 2025 will be available in late March 2025. We will let you know when you can update your software and this will depend on which type of customer you are. In all cases, you will not be able to file your return until after 6 April 2025, for the tax year from 6 April 2024 to 5 April 2025. ...
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09 Oct, 2024
Views: 20850
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How do I increase/decrease my payments on account towards the following tax year?
You can't increase payments on account towards the following tax year – you can only reduce them. You can choose to pay more on account, but HMRC will only ask for the payment on account calculated in your statement. To reduce payments on account, please follow the below instructions: HMRC...
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25 Mar, 2025
Views: 20082
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Enterprise Investment Scheme share disposals - How to record the sale and claim disposal relief or share loss relief
If you have disposed of Enterprise Investment Scheme shares in 2024/25 , you should complete the capital gains summary pages and attach your calculations if: your total sales proceeds from all assets were worth more than £50,000 your chargeable gains before taking off any losses were...
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25 Mar, 2025
Views: 18820
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Where do I enter chargeable event or life insurance gains?
You can enter chargeable event and life insurance gains in SimpleStep or HMRC Forms mode. SimpleStep mode Select Other Income from the left-hand menu. Go to Savings and Investments. Tick the box Taxable sums from a UK life insurance policy (chargeable events) Click on Next step. this will...
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09 Jun, 2021
Views: 18678
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How long do I have to file an amended CT600 return?
Amended corporation tax returns can be filed online within 12 months of the original filing deadline. As the original filing deadline is normally 12 months after the accounting period end, you will usually have 2 years from the accounting period end to file an amended return. Once this submission...
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08 Sep, 2021
Views: 18678
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How much tax will I pay on my state pension lump sum?
Please note: that State Pension Lump sums are only available to persons that reached state retirement age before 6/4/16 Your state pension lump sum is taxed at the highest rate charged on income received in the year. This highest rate is the one that applies after the set-off of all reliefs and...
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23 Mar, 2021
Views: 17751
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