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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 2023/24 , you should complete the capital gains summary pages and attach your calculations if: you sold or disposed of shares which were worth more than £49,200 your chargeable gains before taking off any losses were more...
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21 Mar, 2024
Views: 15349
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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: 15200
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How to utilise Current and Brought forward losses on a Corporation Tax Return.
This article will go through utilising current and brought forward losses on a CT600 tax return. Please select one of the following for instructions on how to do this: Offset current year losses Brought forward losses Offset current year losses To offset current year losses against profits...
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04 May, 2023
Views: 15158
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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 2024...
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21 Mar, 2024
Views: 14927
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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...
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14 Feb, 2023
Views: 14714
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Where do I enter interest received from payment protection insurance (PPI)?
To declare interest received from payment protection insurance (PPI), go to the Any Other UK interest section of the tax return. SimpleStep mode Go to Other income > Savings and investments > Any other UK interest. Enter the relevant information in the boxes. HMRC Forms mode Go to...
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24 Mar, 2021
Views: 14652
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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: 14511
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How do I find a missing file? (Individual, Partnership, Limited Company and Trust users)
When using TaxCalc's non -practice (Individual, Partnership, Limited Company and Trust) 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...
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13 Jul, 2022
Views: 14377
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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: 13971
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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...
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30 Mar, 2022
Views: 13559
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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...
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07 Feb, 2024
Views: 13068
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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 2023 -24 you pay: 9% on annual profits between £12,570 and £50,270 2% on any profit over £50,270 For further information and for previous tax years, see the table below....
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21 Mar, 2024
Views: 13053
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Where to enter Self-Employment Income Support Scheme (SEISS) grant information?
There are specific fields for entry of SEISS (Self-employment Income Support Scheme) claims. The screenshots below show where the boxes are located although please note you will need to be running TaxCalc 2021 (v11.13.079) or later to see these. Please note: SEISS has been removed from the 2023...
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17 May, 2023
Views: 12171
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Inputting trading and property income on a CT600
Follow these steps to input trading and property income on a CT600 form: SimpleStep: CT600 Core > Trade and professional income > Tax adjusted profit/loss-disallowable expenditure HMRC Forms: CT600 Core > Computations > Tax adjusted profit/loss-disallowable expenditure Both...
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04 May, 2023
Views: 11876
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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...
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15 Jun, 2022
Views: 11750
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