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SA100 Individual Return
Restricted Finance Costs from Property Income
Restricted Finance Costs from Property Income From 6 April 2017, new rules were introduced to restrict deductions from property income for finance costs for residential properties for individuals . The measure was introduced is to restrict relief for finance costs to the basic rate of income tax...
rating 24 Mar, 2020 Views: 680
Which box does my mileage figure post to in the wizard?
There are two possible sections in TaxCalc where you can enter the mileage figure. To enter the mileage figure in TaxCalc please refer to one of the two locations below. SimpleStep mode: Your Work > Employment > Fringe Benefits > Vouchers, credit cards and excess mileage allowance >...
rating 24 Mar, 2020 Views: 679
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.
rating 20 Aug, 2015 Views: 640
Claiming rent a room relief and property allowance
HMRC have confirmed that an individual can claim the property allowance for one property and rent a room relief for another. If rent a room income is below £7,500*, this is very straightforward. In HMRC Forms mode, on page UKP1, tick box 4 (If you are claiming rent a room relief and your rents...
rating 24 Mar, 2020 Views: 632
Do I need to enter an acquisition date for my return?
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 calculation of chargeable gains. ...
rating 02 Mar, 2018 Views: 591
I have received income tax relief on my EIS investment - how do I reduce my CGT loss?
If income tax relief has been claimed at a certain percentage, then the CGT disposal also needs to be updated to state that the applicable percentage has been claimed. To do this in TaxCalc, we recommend that you enter the full cost and then enter the percentage that has been claimed as a...
rating 14 Mar, 2019 Views: 591
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 entered. You should note that any payment entered on the tax return...
rating 18 Jan, 2021 Views: 584
Worked example of a business that started trading in 2016/17 - Basis Periods (Second year rules)
Second Year Rules A basis period is the time period that is used to determine taxable profits for a tax year. In the first years of trade, this may not be the same as the accounting period. This can often mean that the taxable profits will not be the same as the net business profits for the...
rating 23 Apr, 2018 Views: 562
Worked example of a business that started trading in 2017/18 - Basis Periods (First year rules)
First Year Rules A basis period is the time period that is used to determine taxable profits for a tax year. Where there is a commencement of trade during a tax year, the basis period will usually run to 5 April of that tax year, so an adjustment to the taxable profits may be necessary. The...
rating 30 Apr, 2018 Views: 557
Change of Guidance in Calculation of Losses Deductions Cap​
In 2016 a news story came about concerning a specific situation in tax that affected both HMRC systems and third party software such as TaxCalc that resulted in an incorrect calculation of tax. The situation required the following specific circumstances: Losses needed to be brought forward...
rating 15 Sep, 2017 Views: 553
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...
rating 19 Mar, 2020 Views: 547
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 ...
rating 28 Oct, 2015 Views: 527
How are Payments on Account calculated
Payments on account are tax payments made twice a year by self-employed individuals to spread the cost of the year's tax. They are calculated based on your previous year's tax bill, and are due in two instalments. The payment on account is a way of paying off some of your tax bill in advance....
rating 24 Mar, 2020 Views: 500
CGT for non residents
Please see the following instructions below on how to complete the Capital Gains Tax (CGT) pages for a non-resident. The calculations completed on the return (and for capital gains tax) are not affected by the entries within the residence and remittance pages. Therefore if you know that the gain...
rating 04 Aug, 2020 Views: 494
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...
rating 03 Feb, 2015 Views: 476

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