TaxCalc Release Notes 2023

Below are the Release Notes for TaxCalc 2023 releases. Click to see the Release Notes for 2013-2016 > 2017 > 2018 > 2019 > 2020 > 2021 > 2022

TaxCalc Product Update - version 13.6.003 - Released on 17th April 2023

Please note: 

• For Customers who have not already updated to Version 13, this update requires an installer to be run. Please ensure that you have local admin rights before attempting the update.

• This release may result in a change to the IR Mark on any existing V3 CT600 returns.

Product summary

• Tax Return Production

• Practice Manager

• Accounts Production

• AML Centre

Tax Return Production

• General Maintenance

  • CT600: Fixed an issue where Page 12 wasn’t being included in the print preview.

  • CT600: Added additional validations for boxes relating to marginal relief and associated companies.

  • CT600: Fixed an issue when trying to open or create a Corporation Tax Return where the accounting start date is before 1 April 2015.

  • SA100: Added a validation for HMRC Exclusion 138, which applies where amounts entered for post-cessation trade relief and certain other losses are in respect of pre-incorporation losses and should not be subject to the £50,000 cap.

Practice Manager

• General Maintenance

  • Changes to the work item status for a standalone task are now being applied when updating from Work management, Active work, View work or Notifications.

Accounts Production

• FRS 102 MLA – Medium & Large Accounts Add On updates

  • A new Check & Finish^(R) notification will warn where the choice of accounting standard and/or size of company is not compatible with the eligible criteria relating to micro, small and medium size entities.

  • The Streamlined Energy and Carbon Reporting note will not be included by default, and a new Check & Finish notification will warn where a company size is set to Large but the Streamlined Energy and Carbon Reporting note is not included.

• General Maintenance

  • The Check & Finish notification that appears when the total for the Average Number of Employees does not match the breakdown in the comparative year will now only be displayed where it is applicable.

  • In some scenarios where the director is appointed after the year and signing the accounts, a rejection was received (‘Generic dimension member (bus:Director) has no associated name or description item'). The director(s) will now be displayed on the Company Information page and submit successfully.

  • Where Investments Properties are selected to be displayed in a separate note, the values for Investment Properties will correctly be displayed in a separate row within Fixed Assets for the comparative period.

  • The Turnover note number will not be duplicated any more.

  • Plant and equipment on depreciation and revaluation will now bring forward into the correct opening balance account.

  • An issue causing notes to not be displayed where there are only postings in the comparative year has been resolved.

  • The relevant Check & Finish notification will display the correct value for Cash and cash equivalents at end of year.

  • In the Statement of Cash Flow, values for new finance leases will be displayed correctly in the repayment of finance leases row in cash flows in the Financing Activities note.

  • The Interest Receivable and Similar Income note will now be triggered correctly when postings to suitable accounts exist.

  • The Share Based Payments note will now be displayed in the correct location within the financial statements.

  • The following online filling errors have been resolved and will now allow the user to file successfully to HMRC.
    -Chris 0 Accounts error – Inconsistent duplicate fact present for ‘CashCashEquilaventsCashFlowValue’
    -Chris 0 Accounts error – OtherInventories requires an instant but its context contains a duration
    -Chris 3314 Accounts error – Inconsistent duplicate fact present for DecreaseFromReversalImpairmentLoss RecognisedInProfitorLossPropertyPlantEquipment
    -Chris 0 Accounts error – FutureMinimumLeasePaymentsUnderNon-cancellableOperatingLeases requires an instant but its context contains a duration

AML Centre

• General Maintenance

  • The Suspicious Activity Report guidance will now return the most current guidance available.

TaxCalc Product Update - version 13.5.763 - Released on 23rd March 2023

Please note: 

• For Customers who have not already updated to Version 13, this update requires an installer to be run. Please ensure that you have local admin rights before attempting the update.

• This release may result in a change to the IR Mark on any existing V3 CT600 returns.

Product summary

• Tax Return Production

• Accounts Production

• Practice Manager

• Practice Manager Plus

• Communications Centre

• General

Tax Return Production

• SA100 & R40 – Individual Tax Return

  • Incorporation of the 2022/23 R40, SA100 Tax Returns and associated supplementary pages for HMRC Forms Mode and SimpleStep^(R), including required updates to calculations, summaries, wizards, HMRC helpsheets and worksheets.

  • 2023 Client Questionnaire is now available.

    • Fixed the header issue not showing on the first page of the Client Questionnaire.

  • Updated the import for rental income from Accounts Production to Tax Return Production to ensure that joint property is taken into consideration.

• SA800 – Partnership Tax Return

  • Incorporation of the 2022/23 SA800 Tax Return and associated supplementary pages, including updates to summaries, wizards, HMRC helpsheets and worksheets.

  • Updated SimpleStep for the 2023 tax year.

• SA900 – Trust Tax Return

  • Incorporation of the 2022/23 SA900 Tax Return and associated supplementary pages, including updates to summaries, wizards, HMRC helpsheets and worksheets.

• CT600 – Corporation Tax Return

  • Incorporation of the updated CT600, Version 3 (2023) form.

  • Incorporation of the new CT600N, Residential Property Developer Tax Supplementary pages.

  • Updated SimpleStep for inclusion of the new boxes on the CT600.

  • Inclusion of SimpleStep for the new CT600N, Residential Property Developer Tax Supplementary pages.

  • Update of Corporation Tax calculations for the inclusion of marginal relief for small companies from 1 April 2023.

  • Updated R&D to include the new rate changes for R&D expenditure and RDEC claims (applicable for CT periods starting on or after 1 April 2023).

• Capital Allowances

  • Updated Annual Investment Allowance calculations to account for the extension of the £1,000,000 limit from 1 April 2023.

  • Fixed issues for SA100 and SA800 Tax Returns where blank columns were being brought forward on creation of a new Tax Return for capital allowance purposes.

  • Updated the asset details screen to ensure that the first year allowance data entry box is visible for Corporation Tax Returns starting on or after 1 April 2023.

• HMRC Token Management

  • New option to allow for tokens for multiple offices (requires a PM Plus licence).

  • Notifications when HMRC tokens are reaching their expiration date.

• General Maintenance

  • Unless otherwise stated, changes have been made for the 2023 tax year onward.

• SA100

  • Improvements to the furnished holiday lettings individual property summary and total property summary.

  • Updated marriage allowance transfer rate and addressed typographical errors on the marriage allowance eligibility fetch screens.

  • Updated the data entered summary for wording relating to capital allowances entered in the Short SE pages.

  • Fixed an issue where removing the tick for Student and post graduate loan entries wasn’t removing all data.

  • Included further validations relating to property income, and claiming property income allowance and expenses on different properties.

  • Fixed an issue on the Self employment adjusted profit computation to ensure that the trading income allowance was being deducted as expected (tax return correctly deducted).

  • Made a small adjustment to the import mapping between Accounts Production and Tax Return Production for rental expenses.

  • Removed a validation relating to HMRC Exclusion 57 as this is no longer applicable.

  • Corrected a calculation error on the foreign tax credit relief report when Welsh taxpayer status has been set and the taxpayer is in the higher rate tax bands.

  • Updated wording on the wizard screens for VCT, EIS, CITR, SEIS and SITR claims.

  • Unlocked rental income boxes PRO42 and PRO39 when there are multiple properties.

  • Added a new validation if the maximum amount of rental income losses brought forward are not being utilised in full against rental income profits arising in the year.

  • Updated the SA302 Tax Summary to ensure that negative adjustments relating to capital gains tax are included.

  • Updated the SA302 Tax Summary to ensure that capital gains tax paid is included on the summary when there’s an overall capital loss arising.

  • Updated the SA302 Tax Summary to include dividend tax credits for individuals who are remitting dividends into the UK that carry a 10% dividend tax credit.

  • Fixed a formatting issue on the SA302 regarding underlining when the tax calculation spanned two pages.

  • Fixed a calculation error on HMRC’s SA110 Tax Calculation Summary for box A327 (was not displaying pence).

  • Included additional text on dividend wizard pages and a related dialog box relating to share splits that have taken place during the 2022/23 tax year.

• SA800

  • Fixed an issue where the 5th/10th/15th/etc partner in a partnership wasn’t being included in the Partnership Business Summary.

• SA900

  • 5.21 now automatically populates where in-year losses have been used against gains arising.

  • Updated the tax summary to ensure that future payments on account are displayed when a repayment is due.

• CT600

  • Enhanced the functionality for super deductions claims for Corporation Tax periods starting on or after 1 April 2023.

  • Addressed an issue relating to partial super deductions claims for Corporation Tax periods straddling 31 March 2023.

  • Updated the calculations for ring fenced profits as negative entries were being shown on form CT600 in the Corporation Tax Chargeable section.

  • Updated the calculation for ring fenced profit to ensure the correct rate was being used when marginal relief was being claimed.

  • Updated automatic population of box L166 to ensure that R&D enhanced expenditure relating to ‘Subcontracted to a large company’ expenditure isn’t included.

Accounts Production

• Accounts Production - FRS 102 MLA - Medium & Large Accounts Add-on

  • The FRS 102 MLA add-on allows you to prepare accounts in accordance with FRS 102 for Medium & Large individual companies. As well as the existing FRS 105 and FRS 1021a accounting standards, the accounting standard selection screen contains an option to select FRS 102. For any FRS 102 1a client, there is also the option to select to include options to add any of the disclosures relating to FRS 102.

  • New reports, which include:

    • Cash flow statement – automatically calculated from the trial balance.

    • Strategic report.

• As well as enhancements to the notes for FRS 102 that already exist for FRS1021a, the following new notes have been included:

  • Directors report

    • Change of company name, Qualifying third party pension scheme indemnity, Research & development, Employees, Employee engagement statement, Branches outside the UK, Streamlined energy and carbon reporting, Matters covered in the strategic report, Additional notes.

  • Accounting policies

    • Reduced disclosure exemptions, Investment policy, Exemption from preparing consolidated financial statements, Interest receivable and similar income, Employee benefits, Provisions and contingencies, Cash and cash equivalents.

  • Notes

    • Statement of compliance, Other operating income, Interest receivable and similar income, Auditors remuneration, Investment – subsidiary disclosures, Loans, Share based payments, Financial instruments.

• Further to the above, with the FRS 102 MLA add-on you can:

  • Create custom or standard tables in any of the freetext boxes within the Edit Notes screens.

• Other updates within Accounts Production

  • An option has been provided to show investment property as a separate note. In addition, a new account code has been added to post fair value adjustments (4162-1).

  • A general information note will show as the first note for any new periods created.

  • A new Check & Finish^(R) will warn where a company is limited by shares, but no share capital has been entered.

  • The statement of comprehensive income note has been updated to include more commonly used items.

  • Additional accounts have been added in the chart of accounts:

    • For stocks – Impairment loss and reversal of impairment loss (accounts 1867/1868).

    • Political expenditure (account 3362).

    • Fair value gains/losses on investment properties/investments (accounts 3575/3576/3585/3586).

    • Interest payable on other loans (account 3618), Interest payable to group undertakings (account 3624), Preference share dividend paid (account 3637), Finance chart on provision (account 3646), gains/losses on derivative financial instruments (account 3675), interest capitalised (account 3676).

    • Intangible assets – additional movement account codes for Goodwill – revaluation (account 4008), amortisation on revaluations (account 4009), transfers (account 4009-1), amortisation on transfers (account 4009-2), other cost (account 4009-3), other amortisation (account 4009-4) including the equivalent for Other intangibles (4019 to 4019-4), Development (4029 to 4029-4), Intellectual property (4039-1 to 4039-4).

    • Tangible assets – additional movement account codes for Land and property freehold – transfers (4109-1), depreciation on transfers (4109-2), other cost (4109-3), other depreciation (4109-4), including the equivalent for land and property leasehold (4119-1 to 4119-4), Plant and equipment (4129 to 4129-4), Motor vehicles (4139 to 4139-4), Fixtures and fittings (4149 to 4149-4), Computer equipment (4159 to 4159-4), Investment properties (4169-1 to 4169-4).

    • Investments – additional movements accounts for Investments – Listed - fair value adjustments (4203-1), Provision on revaluation (account 4209), transfers (account 4209-1), provision on transfers (account 4209-2), other costs (account 4209-3), other provision (account 4209-4). including the equivalent for Investments – Unlisted (accounts 4213-1, 4129 to 4219-4), Investments – Other (accounts 4223-1, 4229 to 4229-4).

    • Investments – new account codes for subsidiaries (accounts 4230 to 4239-3), associates (accounts 4240 to 4249-4), joint ventures (accounts 4250 to 4259-4).

    • Loans codes – Other loans (accounts 5110, 5510), Debenture loans (accounts 5120, 5520).

    • Deferred tax codes/disclosures (6105 to 6110).

• General Maintenance

  • Drilling down from the report to an edit notes screen containing more than one edit box, will now link to the correct Edit Notes screen.

  • Hire Purchase and finance leases will refer to Finance leases.

  • Edit note entries for tangible fixed assets – cost or valuation will show correctly rounded to pounds rather than to 2dp.

  • The Average number of employees note will align the figures consistently with other tables in the report.

  • The ‘directors_director’ token has been used in more of the default notes, so that the report will automatically update based on the number of directors.

  • Some options which weren’t being locked as part of the locking of an accounting period will now be locked.

  • Re-submission of accounts will allow for the registrar financial statements to be selected.

  • The number of shares entered in the share capital note will be brought forward from one accounting period to the next if a bring forward notes is performed.

  • The number of shares displayed in the share capital note will include commas to separate the thousands.

Practice Manager

• Client List:

  • Custom Fields can now be added as a column to the Client List to allow a more powerful client management experience. For example, create a custom field for Customer Value, populate for each client and right click to add a column to the client list to show each client's value. The column can be sorted to bring those with the highest value to the top of the list.

• Import client now allows the value for a dropdown Custom Field to be set. Include within the CSV in the usual way by adding a column – the name of the column must match the name of the Custom Field and the values must match those available within TaxCalc at the time of import.

• General Maintenance

  • Changing any drop-down list selection to the first item in the list is now being recognised as an unsaved change.

  • Order report by Custom Field, where this is a drop-down option, no longer returns a blank report.

  • Adding specific columns to a report, within the report result view, no longer returns a blank report.

Practice Manager Plus

• General Maintenance

  • Expanding jobs in work management displays the tasks within the job on all occasions.

  • Changing the assignation for a task within a job from a team to unassigned recognises the change.

  • Applying a job template to a job, where the job assignee is unassigned, correctly sets the task assignee.

Communications Centre

• Notifications

  • Reminder approaching – a notification will appear a few days before record request reminders will be generated, to provide an opportunity to update the work status should records have already been received and to prevent a reminder being generated unnecessarily.

  • Records received – a notification will appear a couple of weeks after the work status has been changed to Records Received, to prompt you to consider whether work can now start.

• Client Record

  • Automation settings now includes a quick link to ‘Send Email’ directly from the relevant automation, when the status indicates a reminder has been generated.

• Admin Centre

  • The template used for the reminder is now shown (as well as the template used for the initial records request).

• General Maintenance

  • A problem causing request records automation to be unable to generate messages consecutively, has now been resolved.

  • An issue causing reminder automation to be unable to generate reminders for other clients with the same period once one client has received the records, has now been resolved.

General

• On MAC OS Ventura, when reports are exported and Word and/or Excel are not installed, a warning will appear.