|
How capital gains tax is calculated on disposals made on or after 30 October 2024
For disposals of assets, other than residential property or carried interest, made on or after 30 October 2024, the rates on which Capital Gains Tax (CGT) is charged increased from 10% and 20% to 18% and 24% respectively. HMRC have specified that the automatically generated calculation of Capital...
|
|
28 May, 2025
Views: 56
|
|
|
How to adjust self-employment profits for accounting periods not aligned with the tax year (from 2024/25 onwards)
When processing the information for the 2024/25 tax year, the Basis Period Reform will have already taken place. If you are unfamiliar with the rules surrounding this, it is recommended that you review this HMRC webpage for further information. If for any reason, a self employed individual has...
|
|
28 May, 2025
Views: 170
|
|
|
How do I claim relief for Research and Development from 1 April 2024?
Merged Research and Development Expenditure Credit (RDEC) scheme from 1 April 2024 For Corporation tax accounting periods beginning on or after 1 April 2024, a new merged Research and Development Expenditure Credit (RDEC) scheme is available for eligible trading companies within the charge to UK...
|
|
27 May, 2025
Views: 1681
|
|
|
Auto-Renewal - Frequently Asked Questions
What has changed? From April 2025, TaxCalc licences now work on an auto-renewal basis. This means that there is no change to your renewal process on the first occasion after that date, but when your annual licence comes round the following time, the renewal and payment will happen automatically,...
|
|
27 May, 2025
Views: 72
|
|
|
Audio-Visual Expenditure Credit (AVEC) and Video Games Expenditure Credit (VGEC)
The new Audio-Visual Expenditure Credit (AVEC) and Video Games Expenditure Credit (VGEC) replaces the current creative tax reliefs for film, high-end TV, animation, children’s TV and video games. Under AVEC and VGEC companies will receive an above the line tax credit based on qualifying...
|
|
22 May, 2025
Views: 1989
|
|
|
How do I submit the Community Interest Company (CIC) Report to Companies House?
Before you're ready to submit the accounts and CIC report to Companies House you will need to follow the steps included in How do I create a Community Interest Company (CIC) Report? Companies House prescribes that certain financial statements are filed as a zip package via the Companies House...
|
|
22 May, 2025
Views: 317
|
|
|
HMRC Simple Assessments - why am I or my client receiving one?
From June 2025, HMRC will begin issuing Simple Assessment letters providing a detailed calculation for any tax owed by customers for income received between April 2024 and April 2025. Simple Assessment letters should be to taxpayers who are not part of Self Assessment and who either do not have...
|
|
20 May, 2025
Views: 87
|
|
|
Client or Agent not authorised error when filing MTD VAT or Income Tax
If you receive a response stating 'client or agent not authorised' when trying to file a VAT return or an MTD Income Tax (IT) quarterly submission, it will be due to at least one of the following reasons: HMRC user ID and/or HMRC password used to authorise and obtain a 'token' in TaxCalc is...
|
|
20 May, 2025
Views: 5807
|
|
|
What is a 1046 authentication error?
When you receive a 1046 error message in TaxCalc (as shown above) after attempting to file tax return, it will be due to one of the following: HMRC do not recognise the filing credentials ( government gateway account user ID and password) which are entered in TaxCalc prior to the submission...
|
|
13 May, 2025
Views: 132736
|
|
|
MTD for Income Tax - what to expect
Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) requires businesses and landlords with qualifying income to maintain digital records and update HMRC each quarter using compatible software. When you will need to enrol for MTD ITSA For individuals, MTD for ITSA will be introduced...
|
|
06 May, 2025
Views: 1531
|
|
|
TaxCalc bookkeeping spreadsheet transaction templates for MTD
To assist you with complying with digital links for MTD reporting, we have produced spreadsheet templates for recording transactions and summarising totals. The totals can then be imported by VAT Filer (for quarterly MTD VAT return submissions) and will be ready to use with MTD Quarterly Filer...
|
|
01 May, 2025
Views: 7365
|
|
|
Class 2 NIC from 2024/25 - small profits threshold and voluntary contributions
Changes to Class 2 NIC thresholds For tax years 2022/23 and 2023/24, you needed to pay Class 2 NIC if your profits were above the Lower Profits Limit. For 2024/25 onwards, if your profits are above the Small Profits Threshold (£6,725) Class 2 contributions are treated as having been paid to...
|
|
29 Apr, 2025
Views: 2488
|
|
|
MTD for Income Tax - Frequently Asked Questions
MTD for Income Tax - Frequently Asked Questions Q1) As an agent, what does MTD mean for my clients? Clients that are mandated for MTD will be required to: Maintain Digital Records (Bookkeeping Software/Spreadsheets) for each business at least quarterly Submit income & expenses...
|
|
24 Apr, 2025
Views: 575
|
|
|
What reports can I generate in Accounts Production?
TaxCalc Accounts Production will enable you to generate the following reports: Audit Trail (Selected batch or all transactions) Nominal Ledger Trial Balance (Including functionality to customise report) Tax Reports Lead Schedules Financial Statements (New interactive editing feature) CIC...
|
|
22 Apr, 2025
Views: 2031
|
|
|
Do I have to submit the CIC Report if a company is dormant?
Dormant community interest company must file a CIC Report form together with the set of accounts. The CIC Report for a dormant company should state what the CIC has been doing in order to prepare for trading. However, if there has been no activity at all then the CIC should state that it has been...
|
|
22 Apr, 2025
Views: 124
|
|
|
Who can sign a Community Interest Company (CIC) Report?
Community Community Interest Company (CIC) Report should be signed by one of the company’s directors. Unlike some other forms and statements submitted to Companies House, the CIC Report cannot be signed by anyone else (i.e. the company secretary cannot sign the CIC Report).
|
|
22 Apr, 2025
Views: 84
|
|
|
What should be included in a Community Interest Company (CIC) Report?
The CIC Regulations prescribe minimum requirements for each report. These include: General description of the company’s activities and what the CIC has done to benefit the community. Details of its consultations with stakeholders. Details of directors' remuneration. Information on the...
|
|
22 Apr, 2025
Views: 101
|
|
|
How do I create a Community Interest Company (CIC) Report?
To create a Community Interest Company (CIC) Report, first you need to mark a company as a community interest company (CIC) in TaxCalc, following these steps: Launch Practice Manager. Double-click on the relevant company. Click on Company Information. Tick the checkbox Company is a Community...
|
|
22 Apr, 2025
Views: 137
|
|
|
What is included in a zip package for a community interest company (CIC)?
The zip package contains the Community Interest Company (CIC) financial statements and CIC Report. The CIC financial statements should be prepared as you will prepare the financial statements for any other company limited by shares or guarantee, following the requirements of the relevant accounting...
|
|
22 Apr, 2025
Views: 71
|
|
|
TaxCalc Release Notes 2025
Below are the Release Notes for TaxCalc 2025 releases. Click to see the Release Notes for 2013-2016 > 2017 > 2018 > 2019 > 2020 > 2021 > 2022 > 2023 > 2024 Please note we phase releases out so you may not see this available straight away. TaxCalc Product Update - version...
|
|
22 Apr, 2025
Views: 185165
|
|
|
#502 -fatal: Authentication Failure (Companies House Forms)
If you get the error message #502 - fatal: Authorisation Failure when filing Companies House Forms in Company Secretarial, this means that one of the following entries are missing or incorrect. Please check all the details carefully and re-enter them. Ensure you delete any spaces appearing at the...
|
|
15 Apr, 2025
Views: 2629
|
|
|
#502 – fatal: Authorisation Failure (when submitting accounts to Companies House)
When attempting to file to Companies House, you may get the error message #502 – fatal: Authorisation Failure. If you receive this error. it means that one of the following entries is incorrect or missing. Please check all the details carefully and re-enter them where possible. Delete any spaces...
|
|
15 Apr, 2025
Views: 9014
|
|
|
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...
|
|
07 Apr, 2025
Views: 40798
|
|
|
How do I resubmit a return or file an amended return?
If, after making a successful submission, you need to make changes and file an amended return. Please see the video tutorial for a walk through of the process. Alternatively, please follow these written steps: Make your corrections. Click on Check & Finish. Check and review your...
|
|
25 Mar, 2025
Views: 71351
|
|
|
When do I make payments on account?
You'll usually have to make two payments on account for the current year's tax: One by 31 January in the current year. One by the following 31 July. Each payment is half of the tax due for the previous year. For example, for the tax year 2024-25 (6 April 2024 to 5 April 2025), the first...
|
|
25 Mar, 2025
Views: 2141
|
|
Cookie Settings