Entrepreneur’s Relief- disposals after 11 March 2020 What has changed? Whilst it was announced in the Budget 2020 that the lifetime allowance would be reduced from £10 million to £1million for disposals made on or after 11 March 2020, at the time of writing, there has been no legislative...

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....

We have collated all the information you'll need to start submitting quarterly updates to HMRC using MTD Quarterly Filing, as well as information on starting the MTD for income tax process with HMRC. Setting up and using MTD Quarterly Filer Getting started How to submit data Excel...

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...

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....

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...

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...

If you are a non-resident, you will be unable to register for online filing in the normal way as HMRC require you to have a National Insurance number (NINO) or a Unique Tax Reference (UTR) already. If you do not have either of these, you will need to contact HRMC. Our customers previously have...

The new Audio-Visual Expenditure Credit (AVEC) and Video Games Expenditure Credit (VGEC) replaces the current creative tax reliefs for film, high-end TV, animation, children’s TV and video games. Under AVEC and VGEC companies will receive an above the line tax credit based on qualifying...

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...

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...

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...

HMRC have recently amended the rules (01/04/2019) on instances where profit can be reduced by claiming corporation tax relief on goodwill and relevant assets. We would recommend reading the HMRC guidance further on this particular topic to ensure you understand this fully before any entries are...

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)...

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...