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How do I claim foreign tax credit relief on my Capital Gains?
You can claim foreign tax credit relief on the Capital Gain entries on your tax return in SimpleStep or HMRC Forms mode. SimpleStep mode Go to Capital Gains Tax. Check that you've completed the required details on the Asset Details page. Go to Foreign Tax Credit relief. Complete the entries...
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21 Sep, 2015
Views: 1199
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How do I claim investments or shares in a Seed Enterprise Investment Scheme?
You can claim income tax relief on investments in a Seed Enterprise Investment Scheme in SimpleStep or HMRC Forms mode. Go to Tax reliefs and allowances > Relief on investments. Enter the amount in the box labelled Subscriptions for shares under the Seed Enterprise Investment Scheme. Go...
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06 Jun, 2023
Views: 1171
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How do I calculate payments on account when there is Marriage Allowance?
HMRC are changing the calculation of payments on account when there is a Marriage Allowance transfer. Currently their SA110 notes suggest that payments on account should be calculated on the tax due amount, before applying the Marriage Allowance. The correct process is explained in the below...
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09 Mar, 2023
Views: 1166
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HMRC Filing Exclusions and Special Cases 2019/20
HMRC Filing Exclusions 2019/20 Exclusions have arisen due to the previous introduction of additional allowances. Bands for certain types of income which has made the calculation of the tax liability more complex. HMRC systems expect our software to match their method of calculation in order for...
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20 Apr, 2023
Views: 1134
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Do I need to enter an acquisition date for my Capital Gains?
When adding Capital Gains you do need to enter an acquisition date for an SA900 but not for an SA100. SA900 If you don't enter a date of acquisition on an SA900, online submission will fail. You can enter either the actual or approximate date, as the date is no longer relevant to the...
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29 Mar, 2022
Views: 1049
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Why aren't the IRmark and time stamp appearing when I print a tax return?
If the IRmark and time stamp are on the top of each page, and on the pdf preview but don't appear when you print your return, check your printer settings: Go to the heading Page Sizing & Handling. Click on Fit. Click on Fit to printable area or Shrink to fit (or similar). Print document. ...
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24 Mar, 2022
Views: 1037
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SA: How do I enter a balancing charge/allowance on disposal of a capital allowance asset.
To enter a balancing charge/allowance for an asset disposal, follow these steps: Browse to the Capital Allowance section of the chosen return Ensure you are using the calculator and click on Add a new asset. Complete the asset details Note if you have previously cleared the asset value in...
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05 Jan, 2023
Views: 987
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Where do I enter seafarers' earnings?
You can enter seafarers' earnings in SimpleStep or HMRC Forms mode as follows. SimpleStep mode Go to Your Work > Work Abroad > Seafarers' Earnings deduction. Alternatively, click on View Wizard next to the employment and enter the relative information per employment. HMRC Forms mode ...
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04 Apr, 2023
Views: 940
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Why is the interest amount on the SA302 summary different from the amount entered on the return?
The interest on the SA302 summary will be different from the interest on the return because the SA302 shows the gross amount received (before tax has been deducted) and the return shows the net amount (after tax has been deducted). The amount on the SA302 summary is calculated by taking the net...
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25 Feb, 2015
Views: 900
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Why is the loss figure on my return shown without brackets?
If your return has one box for profit and another for loss, the loss figure will appear without brackets. Brackets are only used to denote a negative figure when the same box is used for profit and loss.
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20 Aug, 2015
Views: 862
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Why am i not receiving basic rate relief for finance costs?
The HMRC guidance document confirms below the factors which have to be applicable in order for the relief to be available. Individuals will be able to claim a basic rate tax reduction from their Income Tax liability on the portion of finance costs not deducted in calculating the profit. In...
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24 Mar, 2021
Views: 798
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How do I remove capital allowances if I'm now using the Cash Basis Scheme?
If you’re using the cash basis scheme, capital allowances will be accounted for within your expenses. You can delete entries from the capital allowances wizard in either SimpleStep or HMRC Forms mode. SimpleStep mode Go to Self Employment > Short/Full Form – Details > Capital...
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04 Apr, 2023
Views: 737
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Generating message keeps appearing on the Tax Return
When adding a large number of assets (more than 20 or so) into the Capital Gains pages, users sometimes report the return displays a recurring message stating that the return is being generated which can then slowdown the process of creating the return. Please note that this should no longer be...
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19 Mar, 2020
Views: 718
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Statutory Residence Test changes relating to COVID-19
The Statutory Residency Test (SRT) is the legislation by which an individual’s UK tax resident status is established. There are a number of automatic tests applied, from which you are deemed to be either non-resident or UK resident or if none of the conditions have been met, a day test will apply...
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23 Jun, 2020
Views: 668
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Importing director dividends from Accounts Production into the SA100
How can I import director dividends from the company accounts into a tax return (SA100)? Dividend information for directors' individual tax returns can be viewed and selected within the tax return, rather than searching for the amounts separately in Accounts Production. This functionality relies...
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14 Mar, 2023
Views: 666
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