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How do I complete a CT600 for a property company? (Business users)
To complete a CT600 for a property company, follow these steps: Open the CT600. Go to Company Type (SimpleStep mode) or Information (HMRC Forms mode). Tick the box labelled Should the company be taxed as a Property Business (formerly Schedule A)? Open the Tax Adjusted Profit/(Loss)...
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03 Aug, 2020
Views: 1952
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ERROR 1608: Unable to lookup taxpayer details
When receiving the error message 1608 Unable to lookup taxpayer details, this means that HMRC are unable to process their checks required to pass the UTR entered. This could mean it has been incorrectly entered on the return, the UTR no longer exists (if a company has been dissolved) or if you...
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03 Aug, 2020
Views: 1938
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Where do I enter payments on account?
To enter payments on account, go to the Payments on account section using SimpleStep or HMRC Forms. SimpleStep mode Select Working out your tax from the left-hand menu. Click Next Step and tick the box Did you receive a statement of account? Click Next Step again to get to the Payments on...
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20 Feb, 2020
Views: 1932
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How do I add a new asset to the Capital Allowances grid?
To enter a new asset on the Capital Allowances grid, first go into the Capital Allowances wizard. SimpleStep mode SA100 – Your Work > Self Employment > Short/Full Form – Details > Capital Allowances SA800 – Trades or professions for (XXX) > Capital allowances for > CA...
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03 Aug, 2020
Views: 1919
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How do I use excess pension contribution allowance carried forward from previous years?
TaxCalc automatically offsets your pension contribution allowance against your pension contributions for the current year. If there's an excess, you can bring forward any unused allowance from the previous three years (starting with the oldest year) and offset this against the excess. For...
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24 Mar, 2020
Views: 1908
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Claiming Married Couples Allowance
Married Couples Allowance (MCA) is an age related allowance applicable if at least one spouse is born before 6th April 1935. It could reduce your tax bill by between £322 and £835.50 a year. You can claim Married Couple’s Allowance if all of the following criteria apply: you’re...
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20 Feb, 2020
Views: 1886
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Why can't I print PDF attachments?
TaxCalc can only print PDFs created using versions 1.4 to 1.7. To check the version of your PDF, complete the following steps: Open the PDF document. Click on File in the left-hand corner. Click on Properties. Check the version number in the pop-up window. If you can't print the PDF,...
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03 Aug, 2020
Views: 1868
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Can I submit the SA200 short tax return in TaxCalc?
You can't submit the SA200 short tax return in TaxCalc but you can use the longer SA100 tax return. You can file an SA100 either: on paper by 31 October or online by 31 January. TaxCalc will calculate any liability or repayment due, saving you time and ensuring you are aware of any...
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02 Mar, 2018
Views: 1856
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Worked example of basis period for 2017 and previous years.
The basis period is the time period that HMRC uses for tax. If the accounting year end doesn't match HMRC's tax year end, these periods can be different and cause profits to be taxed twice (overlap profits). This is an example of a business that started trading on 1 November 2013 and prepares...
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21 Mar, 2019
Views: 1806
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Changing your UTR
Your Unique Tax Reference will usually stay with you for good once it has been assigned to you, as this identifies who you are on HMRCs records. There are however, some exceptions. If you are made bankrupt, then a new UTR will be assigned to you. This will come into use the year after your...
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22 Sep, 2017
Views: 1769
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Why am I not receiving tax relief for my pension contributions?
You'll only see tax relief for your pension contributions if you pay tax at the higher rate. You make pension contributions net of basic tax. If you are a basic rate taxpayer, you receive tax relief in the form of HMRC topping up your payment by 20%. You get the tax relief automatically if...
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20 Aug, 2019
Views: 1747
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How are software enhancements and issues prioritised at TaxCalc?
Every piece of software in every sphere will always have a list of outstanding enhancement requests and issues. We are fortunate that the list for TaxCalc is brief by industry standards and we are able to cover most things on a fairly short cycle due to our above average release frequency....
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07 Aug, 2019
Views: 1739
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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...
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12 Aug, 2020
Views: 1730
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How do I record the sale of EIS shares on my self assessment tax return?
How you record the sale of EIS shares depends on whether or not it is exempt from capital gains tax, as follows: Exempt – if the shares have been held for more than three years and income tax relief was claimed on the subscription. Not exempt – if the gain was previously deferred. To...
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21 Sep, 2015
Views: 1716
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How do I claim reinvestment relief for SEIS shares?
For comprehensive information on the Seed Enterprise Investment Scheme (SEIS), including when you can claim relief, read HMRC guidance: Seed Enterprise Investment Scheme – Income Tax and Capital Gains Tax reliefs. To claim reinvestment relief for SEIS shares you'll need to complete the claim...
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07 Feb, 2020
Views: 1676
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