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Recent Articles
Cannot make a backup when TaxCalc needs updating (CloudConnect customers only)
Some customers have experienced a problem when trying to update their copy of TaxCalc on the TaxCalc CloudConnect platform. The following message is received: Once running v11.15.087 or later, you will also receive the following notification: The program will not let users make a backup...
rating 23 Jun, 2022 Views: 1809
How do I enter a balancing charge/allowance on disposal of a capital allowance asset.
The balancing charge is worked out automatically based on your entries. Please refer to the below on how to dispose of an asset. Please note the below behaviour is available from version 12.0.007 and you should update your copy of TaxCalc as required. If you have disposed of an Single Asset...
rating 22 Jun, 2022 Views: 4127
What are Advanced Rounding Rules?
Rounding will take place where the Trial Balance is rounded to pounds and the Debit and Credit rounded totals do not agree. As standard, any rounding difference will be allocated to the account code specified under Rounding Differences at the bottom of the Posting screen (default rounding...
rating 21 Jun, 2022 Views: 4725
Advanced Rounding Rules – LLP Loans and Other Debts Due to and from Members
When Apply advanced rounding rules has been selected, a series of reconciliations and rounding adjustments will be carried out to make sure the rounded closing position, for each Member’s Capital Account (account 7500), matches the rounded opening position in the subsequent accounting period. ...
rating 21 Jun, 2022 Views: 7
Advanced Rounding Rules – Partnership Capital Account
When Apply advanced rounding rules has been selected, a series of reconciliations and rounding adjustments will be carried out to make sure the rounded closing position, for each Partner’s Capital Account and each separate account code, matches the rounded opening position in the subsequent...
rating 21 Jun, 2022 Views: 9
Advanced Rounding - Sole Trader Capital Account
When Apply advanced rounding rules has been selected, a series of reconciliations and rounding adjustments will be automatically carried out to make sure the rounded closing position, for the Sole Trader’s Capital Account, matches what the rounded opening position in the subsequent accounting...
rating 21 Jun, 2022 Views: 5
Advanced Rounding Rules – Why do I see “Apply latest updates to advanced rounding rules"?
In the Spring 2022 release, updates have been made to the advanced rounding rules. These updates will automatically be applied to new accounting periods created after upgrading to the Spring 2022 release. For all existing periods (those created prior to upgrading to Spring 2022) a new Apply...
rating 21 Jun, 2022 Views: 2844
Class 4 National Insurance Contributions maximum charge when Class 1 contributions are also paid
What is meant by 'maximum charge' HMRC's annual Class 4 National Insurance Contribution (NIC) maximum is the device that limits the amount of Class 4 NICs payable in a tax year in addition to any Class 1 and 2 NICs payable. This means that an individual who is both employed and self-employed...
rating 20 Jun, 2022 Views: 21
How do I edit an existing Mail Merge template?
Existing Mail Merge templates often include some practice-specific information that you need to complete. You'll see this highlighted in yellow when you create a Mail Merge document. You can edit this standard text for future use by following these steps: Open Practice Manager from the home...
rating 17 Jun, 2022 Views: 6774
HMRC Filing Exclusions and Special Cases 2021/22
HMRC Filing Exclusions 2021/22 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...
rating 16 Jun, 2022 Views: 40
Connection error when submitting a tax return to HMRC
If you receive a connection error message when attempting to submit an online tax return, this means that your submission isn't getting through to the Gateway quickly enough and the Gateway has closed the internet connection to prevent it becoming blocked. The likely causes of this error are...
rating 15 Jun, 2022 Views: 9733
All you need to know about Student and Postgraduate Loan repayments
By clicking on the below links, it will take you directly to that section of the article: #Student Loan calculation summary now shown in TaxCalc: #Introduction of Plan 4 for Scottish students (from April 2021): #SLC online service for SL and PGL: #Overview: #Payment Thresholds: #Filling in a Tax...
rating 15 Jun, 2022 Views: 7715
Why can't I verify the SMTP Outgoing Email setting for Gmail?
Some email providers may require you to turn off the secure app setting. Gmail, until recently, allowed this however we would recommend using app passwords where this is available. Please see KB3028 - SMTP Application Passwords for more information. For more information on Communications Centre,...
rating 31 May, 2022 Views: 330
Useful information relating to the Dividend Database (2021-22)
Below is some useful information surrounding the data held within the Dividend Database for the 2021-22 tax year. Companies who have not issued any dividends in the year: Centrica Marks & Spencer Whitbread easyJet National Express WH Smith JD Wetherspoon Other notes: Standard...
rating 24 May, 2022 Views: 35
MTD for Income Tax
HMRC's MTD Plan Making Tax Digital (MTD) is HMRC’s plan to become one of the most digitally-advanced tax administrations in the world. This means that big changes are needed to our current tax system, affecting both how data is collected and how it is stored by HMRC. MTD will apply to VAT,...
rating 24 May, 2022 Views: 207
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 declared on the return as usual. If you are unsure where the pension...
rating 23 May, 2022 Views: 975
Claiming Marriage Allowance
Making a Claim What to do if you cannot claim When trying to check my status or eligibility, a response of invalid or taxpayer not found is given Claiming as a non-resident Making a Claim For 2021/22 the Marriage Allowance lets you transfer £1,260 of your personal allowance to your...
rating 16 May, 2022 Views: 14668
How do I make a claim for Enterprise Investment Scheme deferral relief?
To claim for Enterprise Investment Scheme (EIS) deferral relief on an Individual tax return, you need to enter details of the asset under Capital Gains. If you already have a PDF summary of the information relating to Capital Gains, you can use HMRC Forms mode. SimpleStep mode Complete the...
rating 11 May, 2022 Views: 2951
Known issues in the latest released version of TaxCalc
Below is a list of notable issues that have been reported in recent versions of TaxCalc since their release. Other issues may exist that have not yet been confirmed or investigated, or are trivial/cosmetic. This should be read in conjunction with our article How are software enhancements and...
rating 10 May, 2022 Views: 22769
How to change the Advanced Display Settings within TaxCalc if the software does not display as expected
We are aware that on some machines with particular graphics cards/drivers or on Terminal Server configurations, the program may not behave as expected. Some users have reported blank screens and others have reported that the program will crash when trying to select a tax return or open a set of...
rating 10 May, 2022 Views: 7120
Filing a CT600 for a non-resident company
From 6 April 2020, non-UK resident companies including those who invest in UK property through collective investment vehicles (CIV) will need to pay Corporation Tax instead of Income Tax on profits from UK property. This will require submission of an annual corporation tax return (CT600) and...
rating 09 May, 2022 Views: 264
How do I allocate profit and loss between partners in my SA800 return?
If your SA800 partnership return shows a profit and a loss for different partners, you will need to reallocate profits for all the partners because the rules state you cannot have a mix of profit and loss to be distributed between partners. All partners need to have either a loss or a profit. Once...
rating 30 Apr, 2022 Views: 3286
How do I update TaxCalc to the latest version?
Please see our video below on How to Update TaxCalc: For step by step instructions, please see the information below: New features are often implemented throughout the year, and these are installed in free updates throughout the life of your licence. When you first open the program, TaxCalc...
rating 28 Apr, 2022 Views: 6129
TaxCalc Release Notes 2022
Below are the Release Notes for TaxCalc 2022 releases. Click to see the Release Notes for 2013-2016 > 2017 > 2018 > 2019 > 2020 > 2021 TaxCalc Product Update - version 12.2.108 - Released on 26th April 2022 Please note: For Customers who have not already updated to Version...
rating 26 Apr, 2022 Views: 131548
How do I create a tax return?
You can use TaxCalc to produce tax returns for years dating back to 2011–12 for Income Tax and to 2006–07 for Corporation Tax. Before you can create a tax return, you need to set up a client record in Practice Manager. There are two ways to do this: How do I import a TaxCalc tax return? ...
rating 25 Apr, 2022 Views: 5201