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How do I add a new asset to the Capital Allowances grid?
To enter a new asset on the Capital Allowances grid, first go into the Capital Allowances wizard. SimpleStep mode SA100 – Your Work > Self Employment > Short/Full Form – Details > Capital Allowances SA800 – Trades or professions for (XXX) > Capital allowances for > CA...
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03 Aug, 2020
Views: 5084
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How do I make a claim for Enterprise Investment Scheme deferral relief?
Deferral Relief allows you treat the gain as not arising until some future date, if you acquire EIS shares with the proceeds of a disposal of an asset. To claim for Enterprise Investment Scheme (EIS) deferral relief on an Individual tax return, you need to enter details of the asset under...
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03 Aug, 2023
Views: 4984
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How are software enhancements and issues prioritised at TaxCalc?
Every piece of software in every sphere will always have a list of outstanding enhancement requests and issues. We are fortunate that the list for TaxCalc is brief by industry standards and we are able to cover most things on a fairly short cycle due to our above average release frequency....
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07 Aug, 2019
Views: 4977
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Error message: 1610 The accounting period for this amended return does not match the records currently held for the company
When you file a Corporation Tax return to HMRC, the system expects the next return to be either an amended return or a new return following on from the last period. If you submit an incorrect period and then try to amend the dates, you'll get the following error message: 1610 Known Facts Check...
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21 Sep, 2015
Views: 4971
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My P60 from employment is showing a negative tax deducted figure – where do I enter this?
In certain circumstances, your P60 may show a negative tax deducted figure. HMRC's online filing portal will only allow you to input this within the Employment pages if you have another employment in the year to offset the tax amount again. If you do have a second employment schedule, enter the...
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23 Aug, 2023
Views: 4954
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Capital Gains Tax refunds - how to receive a timely refund
Why does TaxCalc not provide information on Capital Gains Tax (CGT) paid? The reporting process for real time Capital Gains is something that software developers have not been given access to by HMRC so we cannot provide a link to this information via the Tax Return Production process in TaxCalc....
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08 Sep, 2022
Views: 4863
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Where do I enter Special Withholding Tax on a CT600?
To enter Special Withholding Tax on a CT600, follow these instructions: CT600 (2015) Version 3 SimpleStep mode – CT600 Core > Reliefs and deductions in terms of tax > Double taxation relief. HMRC Forms mode – CT600 Core > Page 5 > Box 450. CT600 (2008) Version 2 PLEASE...
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29 Mar, 2017
Views: 4852
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How do I enter multiple share trading transactions I have from a broker?
Unfortunately, TaxCalc cannot deal with transactions where you have purchased shares at different prices at different times (including the 30 days, bed and breakfast etc.) also known as Section 104 holding. When entering the information relating to Capital Gains Tax, there are 2 approaches you can...
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21 Mar, 2019
Views: 4824
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Where do I enter overlap relief for self employment?
You can only claim overlap relief using the Full Self Employment pages. SimpleStep mode Click on Your Work. Select the Self Employment option. Click on Next step to continue to the Annualised turnover screen. Tick yes to the question Are any of the above true (or do you wish to complete the...
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27 Jul, 2020
Views: 4821
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How to enter multiple trades on the CT600?
Unfortunately, you cannot enter multiple trades on the CT600. Instead you need to enter the combined figures into the computation to show the overall position and then attach a PDF computation for each trade to show the individual computations. This can be done in either SimpleStep or HMRC Forms...
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25 Oct, 2022
Views: 4756
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Tax on COVID grants
During 2020, and continuing throughout 2021, the government provided grants to assist businesses that were affected by the Coronavirus pandemic. How are COVID grants taxed? The legislation confirms that all COVID-19 support scheme payments are taxable under either Income Tax or Corporation Tax...
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11 May, 2023
Views: 4725
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HMRC API - Service status & common messages
Below are some common questions, queries and answers regarding the HMRC API facility that can be found within TaxCalc: Who should complete the identity check during authorisation? The identity check should be completed by someone who is authorised to act for your firm. (Details asked include...
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30 Oct, 2018
Views: 4619
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Changing your UTR
Your Unique Tax Reference will usually stay with you for good once it has been assigned to you, as this identifies who you are on HMRCs records. There are however, some exceptions. If you are made bankrupt, then a new UTR will be assigned to you. This will come into use the year after your...
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22 Sep, 2017
Views: 4577
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I've received a letter from HMRC stating that I've submitted an amended return but no original has been received – what do I do?
An online amendment would've been sent to HMRC if the Amended box was ticked in the online filing settings page when you filled in your original return. If you haven't submitted the original return yet, follow these steps: Click on Check and Finish. Click on File online. Click on Re-submit...
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15 Jun, 2016
Views: 4568
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How do I use excess pension contribution allowance carried forward from previous years?
TaxCalc automatically offsets your pension contribution allowance against your pension contributions for the current year. If contributions have been paid in excess of your annual pension allowance, you can utilise any unused allowance from the previous three years (starting with the oldest year)...
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21 Mar, 2024
Views: 4524
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