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How do I limit the rate of Class 4 NIC charged to 2%?
You can reduce Class 4 NIC liability so that the excess earnings are charged at 2% if one of the following is true: You pay Class 1 NIC on employment income. You pay Class 2 NIC at the weekly flat rate. The amount of Class 4 NIC chargeable at 9% would exceed the limiting amount. To reduce...
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03 Nov, 2017
Views: 7681
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Summer Budget 2015 Update
Introduction Following a change of Government, Chancellor George Osborne had held a second Budget of the year on 8 July 2015. In this Knowledge Base article, we shall consider the key changes and ambitions of this Government that had previously been announced in this Budget. Income Tax The...
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24 Mar, 2020
Views: 7295
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How long do I have to file an amended CT600 return?
HMRC places restrictions on when you can file an amended CT600 return online: You can only file an amended return within 12 months of the filing date. In the case of a return for the wrong period, you can only file within 12 months of what would be the filing date if the period for which you...
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19 Nov, 2015
Views: 6830
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How do I file an SA800 partnership return with no trade?
If you're filing an SA800 return for a partnership that only has Land & Property, Foreign or Savings & Investments income (that is, it doesn't carry out a partnership trade or profession) you'll need to create a blank trade. You can do this in HMRC Forms mode by following these steps: ...
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19 Mar, 2020
Views: 6116
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Where do I declare Class 4 NIC exemption?
Class 4 NIC exemption is automatically applied where it is relevant to the taxpayer reaching state pension age before the start of the tax year. If you need to claim this manually for any other reason, you should tick the box Are you exempt from paying Class 4 National Insurance… in one of the...
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24 Mar, 2020
Views: 5906
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Where do I enter employment income taxed in a foreign country?
Employment income is entered in box 1 on the Employment pages. Don't enter any foreign tax in box 2. How you enter foreign tax depends on whether or not you want to claim tax credit relief. Without tax credit relief SimpleStep Mode Go to Your work > Work abroad Enter the total...
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03 Aug, 2020
Views: 5789
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What is the HMRC API?
When you authorise TaxCalc to connect to HMRC, we use a method of obtaining and submitting information called Application Programme Interface (APIs). The API approach will see HMRC: Promoting a ‘third-party software first’ approach for businesses and agents Giving greater access to APIs ...
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21 Mar, 2019
Views: 5709
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Where do I enter Child Benefit?
You can enter Child Benefit payments in SimpleStep or HMRC Forms mode. SimpleStep mode Click on working out your tax. Click on Child Benefit Tax charge. Your net income will automatically appear from information already entered on the form. Click yes, no or both equal to the...
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16 Mar, 2016
Views: 5567
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Where do I enter dividends paid to shareholders on a CT600?
Dividends paid to shareholders aren't included on a CT600. Instead you'd enter them on the shareholders' individual returns, if you're preparing these. A Corporation Tax return consists of three documents: the CT600 a set of statutory financial statements, which discloses the dividends a...
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28 Oct, 2015
Views: 5509
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HMRC Fetch API - Taxpayer data not found. Error: 404
Please note this article is specifically referring to the SA100 fetch facility. If you are receiving the error 404 for VAT submissions, please see the link for Common MTD VAT errors This error is returned when the information for a specific taxpayer and for a specific year is not available. This...
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06 Jul, 2020
Views: 5499
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How do I enter online filing credentials (Practice users)?
To enter/edit your Company details, address, email etc, follow these steps: Click on Help > Application Settings. Click on Firm Details on the left. Double click on Main Office in the middle. Click on Contact Details. Enter the details as required on this page. Please Note: Main email is...
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23 Oct, 2020
Views: 5325
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How do I import data from SA800 to SA104 Partnership pages (Individual User)?
If you're completing a partnership return, you can import the data into the SA104 pages in the individual return by following these steps: Open up the individual return. Go to the Partnerships page: SimpleStep Mode: Your Work >...
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30 Mar, 2017
Views: 5312
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How is FTCR (Foreign Tax Credit Relief) calculated?
Foreign Tax Credit Relief (FTCR) can be claimed if an individual has paid foreign tax on a source of income which is also chargeable to UK tax. You must be living (resident) in the UK, Isle of Man or Channel Islands if you want to claim Foreign Tax Credit Relief. You can claim the lower of the...
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03 Aug, 2020
Views: 5238
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All you need to know about Student Loan repayments
By clicking on the below links, it will take you directly to that section of the article: #New SLC online service for SL and PGL: #Overview: #Payment Thresholds: #Filling in a Tax return if you are repaying a SL or PGL #Review of SLC loan repayment calculations for a SL and PGL #Loan was paid off...
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11 Nov, 2020
Views: 5203
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How do I declare equalisation payments from a unit trust?
You can declare equalisation payments from a unit trust in SimpleStep or HMRC Forms mode. SimpleStep mode Go to Capital Gains Tax > Asset Details. Enter the equalisation payment marked as Trust: gain attributable to you (From the drop down box). Continue to complete the information...
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04 Aug, 2020
Views: 4871
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