Knowledge Base - SA100 Individual Return

SA100 Individual Return

	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...
	23 Aug, 2023 Views: 3769

	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)...
	21 Mar, 2024 Views: 3722

	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...
	21 Mar, 2019 Views: 3702

	Does TaxCalc calculate Private Residence Relief on Capital Gains Tax? TaxCalc doesn't calculate Private Residence Relief (PRR) on Capital Gains Tax. You will have to do this manually. You can use the HMRC helpsheet on PRR (from page 6) and the HMRC website to help you with these calculations. If you have any queries on Capital Gains Tax and PRR call the HMRC...
	25 Feb, 2015 Views: 3639

	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...
	28 Mar, 2022 Views: 3543

	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...
	25 Feb, 2015 Views: 3385

	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...
	06 Jun, 2023 Views: 3384

	Basis Period in the transitional year 2023/24 - how to use the basis period calculator Basis Period Entries in TaxCalc (transitional year 2023/24) This article explains the entries to make for the 2023/24 transitional year. HMRC's business manual explains the rules, if you need to familiarise yourself before starting your entries in TaxCalc. You can either enter the adjustments...
	21 Mar, 2024 Views: 3354

	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...
	29 Mar, 2022 Views: 3348

	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?...
	29 Mar, 2022 Views: 3338

	Basis Period Transition for Partners From tax year 2024-25 onwards, individuals that are partners in partnerships will be taxed on their share of profits from the partnership that arise in the tax year that runs from 6 April to the following 5 April (the tax year basis). This replaces the previous current year basis of taxation,...
	24 Sep, 2024 Views: 3272

	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...
	21 Mar, 2024 Views: 3215

	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...
	09 Mar, 2023 Views: 3140

	How do I write off small pools in the Capital Allowances grid? To write off small pools (with a balance of less than £1,000) and claim the allowance, first open the Capital Allowances grid. SimpleStep mode SA100 – Your Work > Self Employment > Short/Full Form – Details > Capital Allowances SA800 – Trades or professions for (XXX) >...
	17 Sep, 2024 Views: 3102

	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....
	08 Sep, 2022 Views: 2987