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Recent Articles
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 23 Sep, 2020 Views: 9255
TaxCalc Release Notes 2020
Below are the Release Notes for TaxCalc 2020 releases. Click to see the Release Notes for 2013-2016 > 2017 > 2018 > 2019 TaxCalc Product Update – Version 11.10.002 – Released on 21 September 2020 Please note: For Customers who have not already updated to Version 11 this update...
rating 21 Sep, 2020 Views: 103694
Authorising TaxCalc to Connect to SmartVault
What are APIs? A method of obtaining information called Application Program Interfaces or “API”. This will allow you to obtain client information from Document Manager providers and use it within TaxCalc. Prerequisites for using the API Must have a valid Document Manager product Must...
rating 21 Sep, 2020 Views: 29
How to customise Client Risk Assessment?
Risk assessments can only be customised by the MLRO. Launch AML Centre > Firm Wide Compliance. Go to Internal control > Customise Risk Assessment. Go to client risk assessment , highlight the available TaxCalc default template and hit duplicate. Give a customised name to the template....
rating 09 Sep, 2020 Views: 23
Are there any prerequisites to running an AML Identity Check?
The following minimum data is required to run an AML Identity Check: Surname Forename Date of birth UK residential address.
rating 01 Sep, 2020 Views: 22
Setting up Recurrences for Jobs and Tasks
As part of your practice, you will probably have Jobs and Tasks that you perform more than once, and most likely on a regular basis, for example, tax returns or annual accounts. To use a Task more than once, you can set it to recur. For example, you can create a meeting request task that occurs...
rating 24 Aug, 2020 Views: 123
Practice Manager Plus - Feature Overview and Getting Started
Practice Manager Plus is our enhanced integrated practice management solution. With TaxCalc’s Practice Manager Plus you can take even more control of how your practice works by creating, customising and co-ordinating all your Jobs and Tasks in just a few simple steps. Whether you’re a new or...
rating 24 Aug, 2020 Views: 107
How do I claim investments or shares in a Seed Enterprise Investment Scheme?
You can claim income tax relief on investments in a Seed Enterprise Investment Scheme in SimpleStep or HMRC Forms mode. SimpleStep mode Go to Tax reliefs and allowances > Relief on investments. Enter the amount in the box labelled Subscriptions for shares under the Seed Enterprise...
rating 24 Aug, 2020 Views: 776
Help files not visible on a Mac
A couple of customers have reported that help fields are not available or missing on the Mac version of TaxCalc. It appears this may happen if the program is downloaded and run before being copied to the Applications folder. This causes an issue with the help file cache. The following...
rating 24 Aug, 2020 Views: 482
How do I add a firm and/or client logo to the front cover of financial statements?
Adding a firm and/or client logo gives you the chance to add some personality and branding to your client’s accounts. Through Admin Centre and Practice Manager, you can now add a firm and client logo quickly and easily. Adding a logo to your firm’s details within Admin Centre: Go to Admin...
rating 20 Aug, 2020 Views: 60
64-8 Setup, Usage and Guidance
The below information will go through the process of applying for authorisation to act on behalf of your clients. The heading below will allow you to skip to the relevant section (if applicable): Completing the 64-8 form. What happens after successful activation of the 64-8? Potential issues...
rating 19 Aug, 2020 Views: 3311
How to enter a new licence key for versions of TaxCalc prior to 2013
After you have upgraded your software, either from the website or through our Sales team, you will need to re-license the software to activate the new features. Unfortunately whilst the option to enter the licence key automatically is still listed in the application, this option no longer works...
rating 17 Aug, 2020 Views: 232
How is Top Slicing Relief calculated after the Finance Bill 2020 changes?
What is Top Slicing Relief? Top Slicing Relief (TSR) hypothetically spreads a chargeable event gain (CEG), such as a gain on a life policy, over the years of the policy, such that the tax is payable as if the CEG had been received in equal amounts every year. It’s not an exact calculation as it...
rating 13 Aug, 2020 Views: 213
How do I enter a Research and Development Expenditure Credit (RDEC) on my CT600?
The research and development expenditure credit (RDEC) replaced the large company scheme in April 2016 to continue to encourage investment in R&D. A large company can claim a taxable credit on qualifying R&D expenditure, up to 2 years after the end of the accounting period it relates to.In...
rating 13 Aug, 2020 Views: 2319
Advanced Rounding Rules – Directors Loan Account
When Apply advanced rounding rules has been selected a check will be made on the un-rounded and rounded totals of each Director within each DLA account code. Where a difference occurs the rounding amount will be allocated to the first Director with a balance within the same account code. For...
rating 13 Aug, 2020 Views: 19
Advanced Rounding Rules - Fixed Assets
Where Apply advanced rounding rules has been selected, a check will be made on the un-rounded and rounded totals of Cost and separately of Depreciation/Amortisation of each Fixed Assets. Where a difference occurs, the rounding amount will be allocated to an account code within Cost and...
rating 13 Aug, 2020 Views: 38
Advanced Rounding Rules - General Rounding:
Where Apply advanced rounding rules has been selected, a separate rounding account is allocated for BOTH Profit and Loss Account and Balance Sheet rounding differences. Any difference found within account codes 0000 – 3999 will be allocated to the Profit and Loss Account rounding account...
rating 13 Aug, 2020 Views: 35
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 13 Aug, 2020 Views: 379
Why am I getting a rounding difference?
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 13 Aug, 2020 Views: 35
Why am I getting a Check and Finish warning that my Balance Sheet does not balance?
This situation may occur where balances have been posted to Director’s Loan Account (account codes 5400, 5401 & 5402 and/or 5800) and allocated to specific Directors. The individual postings are rounded separately but the overall total of the Director’s Loan Account for the specific...
rating 13 Aug, 2020 Views: 28
How can I send documents to Document Manager?
You can easily upload your TaxCalc documents to Document Manager for secure online documentation storage and file sharing. Uploading from the Connected Desktop Login to the SmartVault Connected Desktop. Within the appropriate TaxCalc module, generate the required file, for example,...
rating 13 Aug, 2020 Views: 12
Class 2 National Insurance -why do amounts submitted differ to HMRC calculations?
Why have HMRC repaid or revised Class 2 NICs calculations which were submitted on my tax return? It has come to light that there have been instances where the Class 2 NICs amount has been unexpectedly repaid or HMRC have issued a revised assessment showing no Class 2 NIC's due. This occurs when...
rating 12 Aug, 2020 Views: 1561
E-Sign (Getting Started)
Pre Requisites This guide will assume the following: The client has been created The relationships table is up to date (excludes individual clients). An item of work is ready to be sent for approval. Opening the Envelope Launch eSign Centre. Select the Create New Envelope option from...
rating 11 Aug, 2020 Views: 875
How do I carry back a loss to a previous financial year on a CT600?
HMRC claim that so long as box 45 (Claim or relief affecting an earlier period) is ticked on the current year return, you should not need to re-file the amendment for the earlier year. This being said, customers have previously reported that although this box is ticked, the repayment has not been...
rating 07 Aug, 2020 Views: 24084
Does TaxCalc cater for foreign residency or Dual Tax pages?
Yes, TaxCalc caters for foreign and dual residency pages. The residence and remittance pages have wizards which help you fill the criteria while calculating your tax, so you always know how much you need to pay or are owed. You can calculate your personal allowances by virtue of Double Taxation...
rating 07 Aug, 2020 Views: 96