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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...
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29 Apr, 2025
Views: 2016
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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...
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24 Apr, 2025
Views: 822
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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...
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24 Apr, 2025
Views: 188
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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...
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22 Apr, 2025
Views: 1917
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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...
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22 Apr, 2025
Views: 57
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How do I submit the Community Interest Company (CIC) Report to Companies House?
Companies House prescribes that certain financial statements are filed as a zip package via the Companies House online filing portal on Companies House website. TaxCalc File to Companies House Wizard will help you to prepare the package in the right format ready to be filed manually outside...
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22 Apr, 2025
Views: 73
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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).
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22 Apr, 2025
Views: 36
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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...
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22 Apr, 2025
Views: 43
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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...
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22 Apr, 2025
Views: 21
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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...
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22 Apr, 2025
Views: 23
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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...
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22 Apr, 2025
Views: 183489
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#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...
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15 Apr, 2025
Views: 2533
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#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...
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15 Apr, 2025
Views: 8859
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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...
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07 Apr, 2025
Views: 40074
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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...
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25 Mar, 2025
Views: 70485
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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...
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25 Mar, 2025
Views: 2089
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Moving TaxCalc to a new computer (Individual, Partnership and Limited Company users)
On the Old PC Before starting you should know the location of the data files. Start the TaxCalc program and select a file within an appropriate year. The file location will be shown in the ‘File Info’ at the bottom of the screen. In the example shown above, the...
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25 Mar, 2025
Views: 45213
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What information will I receive when using Fetch Taxpayer Data (HMRC Self Assessment APIs)?
HMRC has provided a method of sending information relevant to the completion of a Tax Return called Application Program Interfaces or APIs. This is the first part of their overall Digital transformation project known as Making Tax Digital. This allows TaxCalc to request information held by HMRC...
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25 Mar, 2025
Views: 5702
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Basis Period Transition for Partners in 2023/24
From tax year 2024-25 onwards, individuals that are partners in partnerships will be taxed on their share of profits from the partnership that arise in the tax year that runs from 6 April to the following 5 April (the tax year basis). This replaces the previous current year basis of taxation,...
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25 Mar, 2025
Views: 7680
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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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25 Mar, 2025
Views: 1554
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Enterprise Investment Scheme share disposals - How to record the sale and claim disposal relief or share loss relief
If you have disposed of Enterprise Investment Scheme shares in 2024/25 , you should complete the capital gains summary pages and attach your calculations if: your total sales proceeds from all assets were worth more than £50,000 your chargeable gains before taking off any losses were...
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25 Mar, 2025
Views: 18618
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How do I offset Capital (CGT) losses?
Any unused Capital Gains Tax losses from previous years that are carried forward have to be used against the first available capital gains. This means that you can reduce your capital gains to the yearly allowance amount (£3,000 in 2024-25) and carry forward the remaining losses. TaxCalc does...
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25 Mar, 2025
Views: 22194
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How to use the annual pension allowance and contribution details wizard from 2024/25
When should I use the annual pension allowance wizard? If your total pension contributions are close to exceeding your annual pension allowance and/or your pension allowance is likely to be tapered, you can use the wizard to: Calculate excess contributions and possible pension tax charge Keep...
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25 Mar, 2025
Views: 4846
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Where do I enter Coronavirus other support grants on a SA100 and SA800
To declare CJRS (Coronavirus Job Retention Scheme) claimed through HMRC, and other grants provided by local government to support businesses through the Coronavirus pandemic please refer to the below instructions on where to declare this. Please note, SEISS grants reference has been removed from...
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25 Mar, 2025
Views: 2308
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How do I offset losses against profits (and also reduce Class 4 NIC)?
Set off Against other income You can offset losses against a profit to reduce tax paid. To do this enter the loss amount (which must not be greater than other profit) in the loss schedule in the following places: SimpleStep Your work > Self Employment > Full Form - Details > Losses...
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25 Mar, 2025
Views: 6935
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