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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: 3338
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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: 3319
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How do I restrict the use of the losses carried forward?
You can't restrict the use of losses that have been carried forward from a previous year as they must be used against the first available profits. This means that you can't reduce the amount of the loss to use up the personal allowance first. HMRC states that the losses should be deducted from...
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25 Feb, 2015
Views: 3251
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How to use the annual pension allowance and contribution details wizard from 2023/24
When should I use the annual pension allowance wizard? If your total pension contributions are close to exceeding your annual pension allowance and/or your pension allowance is likely to be tapered, you can use the wizard to: Calculate excess contributions and possible pension tax charge Keep...
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21 Mar, 2024
Views: 3109
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Private Pensions, Lump Sums and 25% from drawn down pensions
Lump sum payments from a final salary pension are received free of tax and are not entered on the SA100 (individual tax) return. For any draw down payments that have a tax free element (25%), the taxable amount (75%) should be declared on the return as usual. If you are unsure where the pension...
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07 Jun, 2023
Views: 3108
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HMRC API - Available Tax Years
The HMRC API can be used with the following years. Note if a submission has already been made, this will not return any data 2022/23 2021/22 2020/21 2019/20 2018/19 2017/18 The following years are available but may NOT return relevant data as HMRC are currently conducting automatic...
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21 Mar, 2024
Views: 3100
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You must enter the Type of Capital Allowances / Purchase Date
If you receive either of these error messages when you click on Check & Finish, it means that there's an empty asset somewhere within the Capital Allowance wizard. To correct this you will need to go into the Capital Allowance wizard in SimpleStep mode and remove the empty asset. Further...
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28 Mar, 2022
Views: 3085
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Do I need to break down my self employment expenses?
How you report your self employment expenses depends on annual turnover. If turnover is £85,000 or more, you need to provide a breakdown of expenses. If turnover is less than £85,000 (or would be in a full year), you can report the net amount of allowable expenses as a single figure in the...
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29 Mar, 2022
Views: 3042
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How do I remove the watermark when printing a return?
If you want to remove a watermark from a tax return, you'll need to amend the printing preferences: Open the tax return. Click on Check and Finish. Click on Print or paper file return. Click on Next Step in the HMRC warning message (if applicable). Un-tick Would you like to add a watermark?...
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29 Mar, 2022
Views: 2918
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How do I pay tax due using my PAYE tax code
When can you pay tax owed through your PAYE code? You can pay your Self Assessment tax bill through your PAYE tax code, when all of the following apply: You owe less than £3,000 on your tax bill You already pay tax through PAYE, for example, you’re an employee or you get a company pension ...
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21 Mar, 2024
Views: 2832
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Which self employment form should I complete?
There are two versions of the Self Employment pages of the tax return – the short and the full form. The short form is a simplified version of the full form with fewer entry boxes. You must use the full form if any of the below statements are true: turnover is more than £85,000 (or would...
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09 Mar, 2023
Views: 2709
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Claiming Married Couples Allowance
Married Couples Allowance (MCA) is an age related allowance applicable if at least one spouse is born before 6th April 1935. It could reduce your tax bill by between £353 and £912.50 a year. You can claim Married Couple’s Allowance if all of the following criteria apply: you’re...
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28 Mar, 2022
Views: 2633
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Capital Gains Tax- Share Disposals
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. This means that you will need to complete the Capital Gains Tax section in HMRC Forms mode...
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06 Jun, 2023
Views: 2628
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How do I unlock my return?
Your return is locked if: all fields in TaxCalc are filled in yellow a no-entry symbol appears when you hover over the fields with your mouse you can't enter data into the fields. To unlock the return, follow these steps: Click on File from the top menu. Remove the tick next to Lock...
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02 Mar, 2018
Views: 2563
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Class 2 when Self Employment / Partnership ceased or started part way through the year
If the Lloyds / Self-Employment / Partnership started trading in the middle of the tax year or ceased trading part way through the tax year, please complete the applicable entries listed below. Using SimpleStep mode: Go to Working out your tax > Class 2 & Class 4 NICs maximum charge. ...
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07 Jun, 2023
Views: 2500
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