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Difference between tax relief on Pension Contribution and Annual allowance
If you receive an error message in regard to pension contributions, and you have made pension contributions to use up your annual allowance, the difference can usually be explained. Tax relief on pension contributions Tax relief on pension contributions is restricted to £3,600 or net...
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02 Aug, 2023
Views: 1169
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Class 2 NIC from 2022/23 - small profits threshold and voluntary contributions
Changes to Class 2 NIC thresholds Prior to the 2022/23 tax year you needed to pay Class 2 NIC if your profits were above the Small Profits Threshold. For 2022/23 onwards, you pay Class 2 NIC if your profits are above the Lower Profits Limit (which is £11,908 in 2022/23). When can I pay...
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14 Jun, 2023
Views: 1118
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HMRC toolkits to help reduce errors in tax returns
HMRC publishes a series of toolkits to give guidance on areas where there are frequent errors in tax returns. These toolkits also set out steps you can take to reduce these errors. They are updated every year as required. The toolkits are available on the HMRC website (as PDFs) and cover the...
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17 Jun, 2016
Views: 1107
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Where do I find the Capital Gains Tax summaries?
If you've completed the Capital Gains Tax pages in SimpleStep mode, the appropriate disposal, intermediate and final calculations will be in a pdf that's automatically attached to the return. You can view and print all your disposals and the intermediate and final summaries by following these...
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02 Mar, 2018
Views: 1083
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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...
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05 Apr, 2023
Views: 1055
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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: 1052
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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: 1033
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Information about the Trading/Property allowance
Trading and Property allowance came into effect in the 2017/18 tax year. This effectively means that if your income (before expenses) is less than the £1,000 value, you will no longer have to declare or pay tax on this income. HMRC have published information on their website surrounding the tax...
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09 Mar, 2023
Views: 1005
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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: 1002
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What is a 5093 Invalid authentication type error?
When you receive the 5093 error message, this is because the UTR details entered when attempting to file are incorrect, or they do not match what HMRC are expecting. This message is sent directly from HMRC as the portal does not recognise the UTR for the chosen service. This error is common...
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09 Jun, 2021
Views: 1000
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How do I use the Annual pension allowance details wizard for defined benefit schemes
How do I use the Annual Pension Allowance details wizard for defined benefit schemes? Whilst our wizard refers to terminology for defined contribution pension schemes, it can be used to determine the annual allowance and any resulting pension tax charge for defined benefit schemes (also known as...
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21 Mar, 2024
Views: 997
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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: 993
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HMRC Filing Exclusions and Special Cases 2022/23
HMRC Filing Exclusions 2022/23 Exclusions have arisen due to the previous introduction of additional allowances and bands for certain types of income, making the calculation of the tax liability more complex. HMRC systems expect our software to match their method of calculation in order for the...
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30 Nov, 2023
Views: 932
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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: 922
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Capital Gains Tax (CGT) on HMRC Forms
Please see the following instructions on how to complete the Capital Gains Tax (CGT) pages on HMRC Forms Go to Capital Gains > Do you want to complete the Capital Gains page? ‘Yes’ > Do you wish to use Forms Mode? ‘Yes’ HMRC Forms mode is a form filling exercise where you...
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04 Apr, 2023
Views: 899
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