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How do I offset losses on a CT600 Corporation Tax return?
Whether the losses are for the current year or brought forward, you need to declare all of the information on the same page, known as the Trading Losses record. To do this you can use SimpleStep or HMRC Forms mode. SimpleStep mode Go to: CT600 Core > Losse, Management expenses, NTLRDs and...
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27 Jul, 2020
Views: 11491
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When will TaxCalc 2020 be available?
TaxCalc 2020 is now available. After payment is made, you can update your software as required. Individual, Partnership and Limited Company customers If you are a new customer or you have moved computers, you should download the new software at the time of release. Customers with existing...
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07 Aug, 2020
Views: 11111
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Where do I enter interest received from payment protection insurance (PPI)?
To declare interest received from payment protection insurance (PPI), go to the Any Other UK interest section of the tax return. SimpleStep mode Go to Other income > Savings and investments > Any other UK interest. Enter the relevant information in the boxes. HMRC Forms mode Go to...
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05 Nov, 2020
Views: 11083
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Can I file a paper return using TaxCalc?
If you want to file a paper return, you can print your return using TaxCalc and then send this by post. PLEASE NOTE: When you print the return, you must ensure that you print the return in greyscale or colour. Black and white returns will be rejected. The paper return deadline is 31 October 2020...
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24 Mar, 2020
Views: 10871
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How do I increase/decrease my payments on account towards the following tax year?
You can't increase payments on account towards the following tax year – you can only reduce them. You can choose to pay more on account, but HMRC will only ask for the payment on account calculated in your statement. To reduce payments on account, please follow the below instructions: HMRC...
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20 Feb, 2020
Views: 10721
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When licensing TaxCalc I get the error: Product not purchased
If you receive this error message when trying to license TaxCalc, it means that: you haven't yet purchased the product. or (for Practice products) the licence has expired. However, if you have successfully purchased or renewed your software, there might be an issue with the system clock on...
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02 Mar, 2018
Views: 10165
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Where do I enter Jobseekers Allowance on the return?
To enter Jobseekers Allowance, go to the Jobseekers Allowance screen in SimpleStep or HMRC Forms. SimpleStep mode Select Pension income and benefits from the left-hand menu. Tick the box Jobseekers Allowance. Click Next Step to go to the Jobseekers Allowance screen. HMRC Forms mode ...
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20 Feb, 2020
Views: 9915
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How do I offset furnished holiday letting losses against other income?
You can no longer offset furnished holiday letting losses against other income. This change came into effect from the tax year ending 5 April 2012. You can only offset furnished holiday letting losses against future profits from the same property. For further information read 'What you can do...
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22 Sep, 2017
Views: 9565
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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...
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02 May, 2018
Views: 8736
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How do I find a missing file? (Individual, Partnership and Limited Company users)
When using TaxCalc's non -practice (Individual, Partnership and Limited Company) range of products, all returns that you create are stored on your local machine as return files. The files will be named with the following extensions: Individual – .tcsXX (where XX is the relevant tax year –...
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15 Dec, 2020
Views: 8638
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Inputting trading and property income on a CT600
Follow these steps to input trading and property income on a CT600 form: Enter the figure for Profit/(loss) on ordinary activities before taxation – this is the total of trading profit/(loss) and property profit/(loss). Enter Disallowable expenditure (Depreciation). Go to Tax adjusted...
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22 Mar, 2016
Views: 8164
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Budget Announcement of the End of the Tax Return
In his Budget speech of 8 March 2017, Chancellor George Osborne announced that the tax return regime would be abolished in favour of an online tax account. HMRC have introduced Making Tax Digital (MTD) which will become available in 2018. Please refer to our Micro-Site which contains updated...
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22 Sep, 2017
Views: 7829
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How do I complete the CT600 for a long period of accounts? (Practice users)
If your accounts cover a period of over 12 months, you'll need to complete the CT600 for two periods, as follows: Prepare the accounts for the full period and generate an XBRL version. Apportion the profit/loss into a 12-month period and the remaining days – using days meets the HMRC...
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17 Oct, 2019
Views: 7802
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How to use HMRC Self assessment APIs for practice
What are APIs? HMRC have provided a method of obtaining 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. Not a practice? The following...
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19 Mar, 2020
Views: 7740
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Where do I enter chargeable event or life insurance gains?
You can enter chargeable event and life insurance gains in SimpleStep or HMRC Forms mode. SimpleStep mode Select Other Income from the left-hand menu. Go to Savings and Investments. Tick the box Taxable sums from a UK life insurance policy (chargeable events). Click on Next step. Enter the...
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24 Mar, 2020
Views: 7707
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