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Tax Return Production
What's the difference between personal allowance and Class 4 NIC rates?
Your Class 4 National Insurance contributions (NIC) for any tax year are based on your profits for that year. For 2020 - 21 you pay: 9% on annual profits between £9,501 and £50,000 2% on any profit over £50,000 You pay additional contributions on the difference between your personal...
rating 23 Mar, 2021 Views: 12219
When will TaxCalc 2021 be available?
TaxCalc 2021 is now available. After payment is made, you can update your software as required. Individual, Partnership and Limited Company customers If you are a new customer or you have moved computers, you should download the new software at the time of release. Customers with existing...
rating 09 Jun, 2021 Views: 12151
How do I offset losses on a CT600 Corporation Tax return?
Whether the losses are for the current year or brought forward, you need to declare all of the information on the same page, known as the Trading Losses record. To do this you can use SimpleStep or HMRC Forms mode. SimpleStep mode Go to: CT600 Core > Losse, Management expenses, NTLRDs and...
rating 27 Jul, 2020 Views: 12130
Can I file a paper return using TaxCalc?
If you want to file a paper return, you can print your return using TaxCalc and then send this by post. PLEASE NOTE: When you print the return, you must ensure that you print the return in greyscale or colour. Black and white returns will be rejected. The paper return deadline is 31 October 2021...
rating 23 Mar, 2021 Views: 11552
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...
rating 23 Mar, 2021 Views: 11417
Where do I enter Jobseekers Allowance on the return?
To enter Jobseekers Allowance, go to the Jobseekers Allowance screen in SimpleStep or HMRC Forms. SimpleStep mode Select Pension income and benefits from the left-hand menu. Tick the box Jobseekers Allowance. Click Next Step to go to the Jobseekers Allowance screen. HMRC Forms mode ...
rating 23 Mar, 2021 Views: 10964
When licensing TaxCalc I get the error: Product not purchased
If you receive this error message when trying to license TaxCalc, it means that: you haven't yet purchased the product. or (for Practice products) the licence has expired. However, if you have successfully purchased or renewed your software, there might be an issue with the system clock on...
rating 02 Mar, 2018 Views: 10915
How do I offset furnished holiday letting losses against other income?
You can no longer offset furnished holiday letting losses against other income. This change came into effect from the tax year ending 5 April 2012. You can only offset furnished holiday letting losses against future profits from the same property. For further information read 'What you can do...
rating 22 Sep, 2017 Views: 10106
How do I find a missing file? (Individual, Partnership and Limited Company users)
When using TaxCalc's non -practice (Individual, Partnership and Limited Company) range of products, all returns that you create are stored on your local machine as return files. The files will be named with the following extensions: Individual – .tcsXX (where XX is the relevant tax year –...
rating 15 Dec, 2020 Views: 9645
Connection error when submitting a tax return to HMRC
If you receive a connection error message when attempting to submit an online tax return, this means that your submission isn't getting through to the Gateway quickly enough and the Gateway has closed the internet connection to prevent it becoming blocked. The likely causes of this error are...
rating 02 May, 2018 Views: 9128
How do I limit the rate of Class 4 NIC charged to 2%?
You can reduce Class 4 NIC liability so that the excess earnings are charged at 2% if one of the following is true: You pay Class 1 NIC on employment income. You pay Class 2 NIC at the weekly flat rate. The amount of Class 4 NIC chargeable at 9% would exceed the limiting amount. To reduce...
rating 03 Nov, 2017 Views: 9043
Inputting trading and property income on a CT600
Follow these steps to input trading and property income on a CT600 form: Enter the figure for Profit/(loss) on ordinary activities before taxation – this is the total of trading profit/(loss) and property profit/(loss). Enter Disallowable expenditure (Depreciation). Go to Tax adjusted...
rating 22 Mar, 2016 Views: 8593
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...
rating 09 Jun, 2021 Views: 8529
How to use HMRC Self assessment APIs for practice
What are APIs? HMRC have provided a method of obtaining information relevant to the completion of a Tax Return called Application Program Interfaces or APIs. This is the first part of their overall Digital transformation project known as Making Tax Digital. Not a practice? The following...
rating 19 Mar, 2020 Views: 8524
How do I complete the CT600 for a long period of accounts? (Practice users)
If your accounts cover a period of over 12 months, you'll need to complete the CT600 for two periods, as follows: Prepare the accounts for the full period and generate an XBRL version. Apportion the profit/loss into a 12-month period and the remaining days – using days meets the HMRC...
rating 17 Oct, 2019 Views: 8283

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