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Information about the Trading/Property allowance
HMRC have published information on their website surrounding their new tax allowance. This new allowance starting from 2017/18 tax year, effectively means that if your income (before expenses) is less than the £1,000 value, you will no longer have to declare or pay tax on this income. If...
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05 Dec, 2018
Views: 366
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How do I sort data I've entered into a wizard?
If the wizard contains an underlined heading, you can sort data by that column: Click on the heading to sort the data alphabetically. Click on the heading again to sort the data in reverse order.
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15 May, 2015
Views: 330
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Why are there no changes to the tax calculations once the Residence and Remittance pages have been complete?
The majority of the boxes presented on the Residence and Remittance pages are for HMRC's information only and therefore no calculations are updated. Usually you would only need to enter the taxable income on the tax return. If you have any non taxable earnings these should be declared in the boxes...
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24 Mar, 2020
Views: 320
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Why does my text in the 'Any other information' box keep disappearing?
If you enter text in the Any other information box and it disappears, this means that TaxCalc hasn't automatically saved it. TaxCalc automatically saves data every two minutes. However, for TaxCalc to register that you've made a change you need to click outside the box after you've entered text....
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03 Aug, 2020
Views: 278
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HMRC Filing Exclusions and Special Cases 2019/20
HMRC Filing Exclusions 2019/20 Exclusions have arisen due to the previous introduction of additional allowances and bands for certain types of income, making the calculation of the tax liability more complex. HMRC systems expect our software to match their method of calculation in order for the...
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06 Aug, 2020
Views: 230
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Land & Property - Residential Finance Costs Restriction Explained
How does the new restriction of tax relief on finance costs work? The Finance Act 2015 introduced changes to the way tax relief on expenditure on finance costs in respect of the letting of residential property. Relief for finance costs will be given as a basic rate tax reduction. This means...
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28 Dec, 2018
Views: 199
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What penalty will I pay if I miss the filing deadline?
The online filing deadline is 31 January. Registration can take between seven and 10 days, so make sure you register early to allow yourself plenty of time to file. If you file your return after the deadline, HMRC will charge you a £100 penalty. You’ll have to pay this even if: your return...
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18 Mar, 2016
Views: 190
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Why am i not receiving basic rate relief for finance costs?
The HMRC guidance document confirms the below have to be applicable for the relief to be available: Individuals will be able to claim a basic rate tax reduction from their Income Tax liability on the portion of finance costs not deducted in calculating the profit. In practice this tax reduction...
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05 Dec, 2018
Views: 187
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Claiming tax relief for working from home
As per HMRC guidance, you may be able to claim tax relief for additional household costs if you have to work at home on a regular basis, either for all or part of the week. This includes if you have to work from home because of coronavirus (COVID-19). You can either claim tax relief on: £6 a...
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12 Oct, 2020
Views: 187
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Information about the Scottish tax rate for 2018/19
This article looks at the Scottish rates of income tax for the 2018/19 tax year. For information regarding 2016/17 and 2017/18 and how to change the rate being applied to the tax calculation please click here Scottish tax bands and rates Although there was a small change between the UK and...
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01 Jun, 2018
Views: 161
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Statutory Residence Test changes relating to COVID-19
The Statutory Residency Test (SRT) is the legislation by which an individual’s UK tax resident status is established. There are a number of automatic tests applied, from which you are deemed to be either non-resident or UK resident or if none of the conditions have been met, a day test will apply...
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23 Jun, 2020
Views: 158
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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...
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07 Aug, 2020
Views: 139
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tcSyncCH message when filing an SA100 return. The program requests the user to use the synchronisation tool
Some individual users have reported that the following message is seen at the 'check and finish' stage when they are filing an SA100 return If you are an individual user this message should not be appearing and can safely be ignored. Do not try to synchronise the data. Important: If you...
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17 Oct, 2019
Views: 118
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Entrepreneurs Relief changes from 11 March 2020
Entrepreneur’s Relief- disposals after 11 March 2020 What has changed? Whilst it was announced in the Budget 2020 that the lifetime allowance would be reduced from £10 million to £1million for disposals made on or after 11 March 2020, at the time of writing, there has been no legislative...
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12 Oct, 2020
Views: 106
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Pension Tax Charge payment rounding - HMRC Special Case 32
For the 2019/20 tax year, if your pension contributions entered on your tax return have exceeded the annual allowance (currently £40,000), you may have incurred a pension tax charge and this will appear on the SA302 Summary (Subject to entries within SimpleStep Mode > Tax Reliefs and...
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04 Aug, 2020
Views: 101
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