TaxCalc Release Notes 2024

Below are the Release Notes for TaxCalc 2024 releases. Click to see the Release Notes for 2013-2016 > 2017 > 2018 > 2019 > 2020 > 2021 > 2022 > 2023

TaxCalc Product Update - version 14.5.601 - Released on 27th March 2024

Please note: 

• For Customers who have not already updated to Version 14, 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

• Communications Centre

• Companies House Forms

• Accounts Production

Communications Centre

• ACTION REQUIRED on the changes below, if you use Microsoft email accounts. Read our Knowledge Base Article for more information.

• Added a new means of authorising and sending emails from Communications Centre for any Microsoft email accounts (Office 365, Outlook, Hotmail, Live and more).

  • Please note: This will replace use of the existing ‘Office 365’ and ‘Outlook’ email provider types and has been implemented as a result of Microsoft’s planned removal (from 31st March 2024) of support for the mechanisms TaxCalc uses for these mailbox types.

  • Users will be able to change the email provider type to the new Microsoft Email option instead and authorise it to use any Microsoft mailboxes, should they need to.

Companies House Forms
Confirmation Statement

• Check & Finish will no longer display Invalid Authentication Code warning when creating a Confirmation Statement dated on or after 5 March.

• Paper copy of the CS01 form will now populate section B1 (share capital) and D1 (Shareholder information for a non-traded company) where the changes have been indicated to be included in the form.

• The following filling errors have been resolved for statements dated prior to 5 March 2024 and will no longer stop the user filing successfully with Companies House:

  ·        9999:Invalid Element accept Lawful Purpose Statement

Accounts Production
General maintenance

• Importing a trial balance from bookkeeping packages will retain the mapping on a subsequent import.

TaxCalc Product Update - version 14.5.501 - Released on 21st March 2024

Please note: 

• For Customers who have not already updated to Version 14, 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

• Accounts Production
• Companies House Forms
• Tax Return Production
• Practice Management
• Practice Manager Plus
• Time
• eSign Centre

Accounts Production

General Maintenance

• Notes to the financial statements has been updated to display without a subtotal when there is only one item to display.

• The goodwill accounting policy for limited by guarantee companies has been updated to include the token for the profit and loss account/income statement, so the reference will be correct when applying Companies Act or FRS headers.

• Statement of cash flows: Cash and cash equivalents at beginning of the year/period have been assigned an iXBRL tag.

• Limited companies and LLPs with accounting periods starting on or after 1 April 2015 and ending before 31 March 2022 have been updated to apply FRC 2023 taxonomy, so these periods can be submitted electronically. This includes the submission of revised accounts.

• In the statement of director’s responsibilities for FRS 102 1a accounts, the electronic publication note has been included in Admin Centre and can be edited without a FRS 102 MLA licence.

• Auditor’s remuneration note: The non-audit services section heading has been replaced with ‘Other Services’ for any new accounting periods created.

• The default status of the debtors and creditors notes have been updated to avoid over-disclosure for limited companies and LLPs applying FRS 102 1A for any new periods created.

• The following online filling errors have been resolved and will no longer stop the user filing successfully with HMRC:

  • Chris:3314 Inconsistent duplicate fact values for ‘UnwindingDiscountOnPovisionsExpense’

  • Chris:3314 Inconsistent duplicate fact values for ‘InterestExpenseOnPrefrenceSharesClassifiedAsDebt’

  • CVC-complex-type.2.4.a: Invalid content was found starting with element '{"http://xbrl.frc.org.uk/cd/2019-01-01/business":NameProductionSoftware}'. One of '{"http://www.xbrl.org/2003/instance":item, "http://www.xbrl.org/2003/instance":tuple, "http://www.xbrl.org/2003/instance":context, "http://www.xbrl.org/2003/instance":unit, "http://www.xbrl.org/2003/linkbase":footnoteLink}' is expected.

LLPs

• LLPs, members report: The qualifying third party and pension scheme indemnity provision note will now be included in the financial statements when the note is selected to be included.

• The exceptional items note will no longer be brought forward into the next accounting period when bringing forward account settings and notes.

• The provision for liabilities note will now be displayed correctly under the additional notes filter for LLPs applying full FRS102 options.

• Default notes within the Admin Centre now include the following notes to match with the Edit Notes order at client level:

  • Additional notes to the report of the members

  • Controlling parties

  • Ultimate parent company

  • Ultimate controlling party
     

Companies House Forms

General Maintenance

• Resolved an issue where ceased shareholder(s) were displayed when generating a subsequent Confirmation Statement since the cessation date.

Tax Return Production

• SA100 & R40 – Individual Tax Return

  • Incorporation of the 2023/24 R40, SA100 Tax Returns and associated supplementary, including updates to calculations, summaries, wizards, HMRC helpsheets and worksheets.

  • Updated SimpleStep^(R) for the 2024 tax year.

  • Updated the Basis Period Calculator following changes to the legislation regarding basis period reform.

  • Added a new Transition Profits wizard to assist with the new rules regarding basis period reform.

  • Improvements made to the functionality and layout of the company car wizard.

  • Updated the validation relating to Subscriptions for shares under the Seed Enterprise Investment Scheme to recognise that the limit is £200,000.

  • Updated the Asset Details screen for Capital Assets to ensure that the boxes relating to Real Time Transaction Tax paid and Tax Paid on a UK Property Disposal are always visible.

  • Updated the Annual Pension Allowance wizard following changes to the annual limits.

  • Included a new information message regarding the removal of the lifetime allowance charge for 2023/24.

  • Updated the self-employment short pages of the SA100 Tax Return to allow for disallowable expenses entries.

  • Updated the self-employment full and short pages of the SA100 Tax Return to allow for private use percentage to be entered.

  • Minor formatting changes made to the SA302 Tax Summary.

  • Minor formatting changes made to the Data Entered Summary, Partnership Summary, TaxCalc Summary and Self-Employment Summary.

• SA800 – Partnership Tax Return

  • Incorporation of the 2023/24 SA800 Tax Return and associated supplementary pages, including updates to summaries, wizards, HMRC helpsheets and worksheets.

  • Updated SimpleStep^(R) for the 2024 tax year.

• SA900 – Trust Tax Return

  • Incorporation of the 2023/24 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 (2024) form.

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

  • Updated R&D SME relief section to account for R&D intensive companies.

  • Updated the Corporation Tax computation where an R&D SME relief rate of 14.5% is being claimed.

  • Updated creative tax credit rates for orchestra, theatre and museum and galleries relief in line with legislation changes.

  • Included a new information message for creative tax credit claims following guidance from HMRC that an additional information requirement applies from 1 April 2024.

  • Updated the notional tax calculation for RDEC claims to take into account the change in Corporation Tax rate of 25% from 1 April 2023.

  • Updated the locking/unlocking mechanism for associated company boxes (boxes 326, 327 and 328) where the account period ends on or after 1 April 2024.

• Capital Allowances

  • Updated capital allowances to cater for Investment Zone claims for Corporation Tax and Self Assessment Tax Returns.

  • Updated mapping for full expensing claims and qualifying expenditure on super deduction/special rate first year allowances, in line with new form CT600 and guidance.

  • Updated calculations for super deduction balancing charges where a full super deduction claim is not equal to 130% (relevant for account periods straddling 31 March 2023).

  • Updated the validations relating to electric vehicle charge points following the extension of the allowance to 31 March 2025.

  • General update to the layout and formatting of the capital allowances section of the Corporation Tax Computation.

  • Fixed an issue in the Capital Allowances Manual Grid relating to special rate pool and Freeport enhanced capital allowances.

  • Updated the date on the validation message for SA100 and SA800 Tax Returns relating to the Structures and Buildings Allowance.

Practice Management

For a limited company (limited by guarantee and limited by shares), additional relationship types have been added in the 'relationships tab' to allow for the following relationships to be added:

• Is a subsidiary of

• Is an associate of

• Is a joint venture of

An additional 'Group Structure' sub-item has been created for the 'Relationships' tab to view the 'Group Structure', which allows the user to see the group structure and the location of the selected company in the group structure. An option has been created to filter the view to:

• Show all relationships

• Show current relationships only

Practice Manager Plus

• Create work periods and set work statuses for tasks managed outside of TaxCalc, such as payroll.

  • Track your non-TaxCalc work items' statuses through jobs or via dashboard widgets, reports and data mine filters.

• It is now possible to bulk create jobs for all activity types and services, including custom.

• Client List

  • The most recent Tax SA statuses will now appear within the right-hand panel when a client is selected.

  • You can now add columns to the Client List for Non-TaxCalc work item status and latest period, to provide a quick view of all work.

General Maintenance

• Within Report Manager, when adding custom fields as reporting columns, there is no longer duplication.

• Within Data Mining when adding custom fields as data conditions, there is no longer duplication.

• Completing jobs with the recurrence override will now reset task statuses to Planned.

Time

General Maintenance

• You can now add Time Logs for contacts within the Time Module.

• You can now filter on work types (Jobs & Tasks) within the WIP overview table.

eSign Centre

• You can now upload multiple PDF documents to an envelope at the same time.

TaxCalc Product Update - version 14.4.601 - Released on 5th March 2024

Please note: 

• For Customers who have not already updated to Version 14, 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
• Company Incorporator
• Companies House Forms

Tax Return Production

• Improved database connectivity and database error handling for standalone databases.

Practice Manager

• You may now create a new email address, or mark an existing one, as a registered email address for limited companies and limited liability partnerships via the Contact Information page.

Company Incorporator

• Economic Crime and Corporate Transparency (ECCT) Act

  • Updated the IN01 (Application to register a company) and LL IN01 (Application to register a Limited Liability Partnership) forms in line with changes that have arisen as a result of the ECCT Act, for incorporations on or after 4 March 2024. This includes:

    • New options to enter and submit the registered email address.

    • New lawful purpose statement (for the IN01 form only) on the form and submissions.

    • On successful incorporation, the registered email address will be created in Practice Manager.

    • For any incorporations created within TaxCalc, but not submitted before 4 March 2024, a prompt will be displayed to update to the new form as the old versions of IN01/LLIN01 will be rejected by Companies House from 4 March 2024.

Companies House Forms

• Economic Crime and Corporate Transparency (ECCT) Act

  • Updated the CS01 (Confirmation Statement) and AD01 (Change of registered office address) forms for changes that have arisen as a result of the ECCT Act in the following ways:

    • AD01 (Change of registered office address) now contains a new section 3, to confirm that the address is an appropriate registered office address.

    • The first CS01 (Confirmation Statement) prepared after 4 March 2024 will require a registered email address. New options have been added to enter and submit the registered email address. A Check & Finish will warn where the registered email address is expected but not populated on the form. An additional statement will be included to confirm that the intended future activities of the company are lawful.

    • For any AD01/CS01 forms created within TaxCalc but not submitted before the 4 March 2024, a prompt will be displayed to adopt the new form, as the old versions of the AD01/CS01 will be rejected by Companies House from 5 March 2024.