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I have received income tax relief on my EIS investment - how do I reduce my CGT loss?
If income tax relief has been claimed at a certain percentage, then the CGT disposal also needs to be updated to state that the applicable percentage has been claimed. To do this in TaxCalc, we recommend that you enter the full cost and then enter the percentage that has been claimed as a...
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14 Mar, 2019
Views: 543
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Can I submit to HMRC and Companies House at the same time?
Joint filing of accounts to HMRC and Companies House which HMRC offer is exclusive to them at the moment so no third party providers can do this via a tax return submission. Therefore, any third party application would need to file to HMRC and Companies House as part of a separate process. In...
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22 Sep, 2017
Views: 528
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Worked example of a business that started trading in 2016/17 - Basis Periods (Second year rules)
Second Year Rules A basis period is the time period that is used to determine taxable profits for a tax year. In the first years of trade, this may not be the same as the accounting period. This can often mean that the taxable profits will not be the same as the net business profits for the...
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23 Apr, 2018
Views: 527
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Can I run TaxCalc on Linux?
The TaxCalc application is now available on Linux for Individual and Standalone practice users. We are currently developing a network version which will be available in the future. As for now, you are able to have a LINUX machine as one of the additional machines if a windows machine acts as the...
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19 Mar, 2020
Views: 522
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Worked example of a business that started trading in 2017/18 - Basis Periods (First year rules)
First Year Rules A basis period is the time period that is used to determine taxable profits for a tax year. Where there is a commencement of trade during a tax year, the basis period will usually run to 5 April of that tax year, so an adjustment to the taxable profits may be necessary. The...
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30 Apr, 2018
Views: 519
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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 entered. You should note that any payment entered on the tax return...
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19 Mar, 2020
Views: 506
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Message from TaxCalc - Cannot replace the file (when printing/previewing or saving a PDF)
If you receive a message similar to the following when creating a PDF or previewing one, it means that there is an illegal character at the end of the company name. The characters normally show as a space and are most often carriage returns caused by copying and pasting the company name. ...
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17 Oct, 2019
Views: 491
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3320 - The period to which this returns computation does not coincide...
3320 - The period to which this returns computation does not coincide with the effective from/to dates of the referenced computation Taxonomy. Please correct and submit. HMRC implemented a change to the Corporation tax system on 11/12/17. This change relates to their system being unable to...
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13 Dec, 2017
Views: 489
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Annual Investment Allowance 2019 Update
The AIA limit is increased from £200,000 to £1 million for two years from 1 January 2019. Transitional rules will apply where there is a chargeable period which spans the 1 January 2019, or 1 January 2021: Chargeable periods spanning 1 January 2019: The maximum AIA across the whole...
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07 Feb, 2020
Views: 462
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Why I am getting a message regarding unallocated finance costs brought forward ?
If you have several instances of foreign property income for which there are previous unused finance costs, you may have to manually enter the brought forward finance costs for those properties. You will receive the following TaxCalc message: In the previous tax year, there were unused...
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24 Mar, 2020
Views: 451
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How to access previous years' returns before 2013?
Returns dated 2012 and earlier require the previous year's software to be installed. You first need to download the previous year's version of TaxCalc (anything before the 2013 tax year). To do this you will need to: Log into your account on our Website. Go to My Account. Go to My...
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17 Oct, 2019
Views: 440
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CGT for non residents
Please see the following instructions below on how to complete the Capital Gains Tax (CGT) pages for a non-resident. The calculations completed on the return (and for capital gains tax) are not affected by the entries within the residence and remittance pages. Therefore if you know that the gain...
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04 Aug, 2020
Views: 436
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Exclusion 57 message explained
You may receive the following error after checking your tax return: HMRC Exclusion #57: In certain circumstances, where a taxpayer is a non-resident and in receipt of 'other dividend' income of INC5 or Bonus issues of securities and redeemable shares in AOI13 or Partnership dividend income or...
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11 Dec, 2019
Views: 428
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How are Payments on Account calculated
Payments on account are tax payments made twice a year by self-employed individuals to spread the cost of the year's tax. They are calculated based on your previous year's tax bill, and are due in two instalments. The payment on account is a way of paying off some of your tax bill in advance....
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24 Mar, 2020
Views: 421
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How do I create a 2015 return? (Practice users)
If the client is set up in Practice Manager, you can create a 2015 return by following these steps: Open Practice Manager. Right-click the client and select Open in Tax Return Production. Click on New Return. If a 2013 return is listed, tick Yes to Would you like to bring forward...
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17 Oct, 2019
Views: 403
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