TaxCalc 2012 Release Notes
TaxCalc 2012 - version 12.20.03 - released on 13th December 2012
SA100
- Fixed an issue within the Foreign pages' Country Code wizard. The code for Guernsey is now "GGY" (replaced "GSY").
CT600
- When using the CT600 'Manual' capital allowances grid, a validation rule advising of the calculated Hybrid Rate was appearing as an 'Error' instead of simply an 'Information Only' notice. This issue would not affect online filing but has been corrected to prevent confusion.
- Fixed a rare issue with splitting £1 across 2 financial years. Although this does not affect the CT liability for 2011 and 2012 financial years in any way, assigning the £1 to the correct year prevents a rare online filing issue.
TaxCalc 2012 - version 12.18.00 - released on 6th December 2012
SA100
- Fixed various issues within the Capital Gains Tax pages, including:
- Changing the order in which the Annual Investment Allowance is used against gains so that it is used against attributed gains and clogged gains first (as losses cannot be used against these).
- Ensuring values entered in CGT8 (Capital Gains adjustments) appear in the SA302 summary.
- Altering the summaries to reflect that there is no AEA (Annual Exempt Amount) entitlement when the remittance basis is being claimed.
- Unused clogged losses are now correctly reflected in the SA302 summary.
- Please note that the above changes will cause a change in the IR Mark for any SA100 returns that include the Capital Gains pages.
- Clarified the display of the Losses Memorandum report in relation to Property losses and CGT.
- Corrected an issue with Overseas Pension incorrectly entering a net value as opposed to gross value in the foreign pages (this did not affect calculations).
- Changed the SimpleStep option to opt out of HMRC collecting tax through PAYE (box FIN2), which was not appearing when the liability was over £2,000. This has been changed to only hide the option when the liability is over £3,000.
- Reduced the severity of a validation regarding Residence and Remittance that insisted the number of ‘workdays’ in the UK must exceed the number of days in the UK. This is not always the case and the validation now advises that there are exceptions.
CT600
- Updated the Annual Investment Allowance validations to cover FY2012.
- Fixed a validation message that was incorrectly appearing on the CT600 group relief pages.
- Added the ability to declare that ‘A repayment is due for this return period’ as well as ‘A repayment is due for an earlier period’ at the same time. (Previously only one of these boxes could be ticked.)
Other
- General improvements to guidance and wording within the application.
- Improved multiple client import from Forbes tax software products.
- Ensured that the Agent Bank Details are automatically entered into imported files as well as new ones if the relevant Auto-Populate setting has been enabled.
- Added the option within the Trust and Estate Lloyds pages to claim Foreign Tax Credit Relief instead of claiming foreign tax as a deduction.
- Updated the CT41G PDF to the latest version as provided by HMRC.
- The Business description of a Partnership now correctly imports from the SA800 return to the SA104 pages of an Individual return.
- Fixed printing alignment issues on the Reasonable Excuse Form for late paper filing. Updated help content relating to R&D expenditure rates, pension contributions and other areas.
- Linked various fields within the Capital Allowances screens to relevant help topics.
TaxCalc 2012 - version 12.16.00 - released on 27th July 2012
- This release is to fix an issue within capital allowances that was introduced in the last release on the 16th July 2012 (version 12.14.00), whereby upon opening a file after running the update an entry previously made into disposal proceeds on the capital allowances wizard cleared from the calculations.
TaxCalc 2012 - version 12.14.00 - released on 16th July 2012
- This release is to ensure that the CT600 rates for the 2012 Financial Year are correct and agree with HMRC's calculations when they activate this year for online filing. This is due to occur on 18th July 2012 at which point the warning message prompting you not to attempt to file online should be automatically removed.
- This release includes an update to the FY12 rates for Corporation Tax returns - please note that the previous version was using the previously announced rate of Marginal Small Companies Relief. This has been updated and will automatically adjust the tax calculation, where applicable.
- Corporation Tax Indexation Allowance has been updated with the latest published values.
- An issue has been resolved which affected Class 4 exemption for women aged 60 or over. Due to the staggered increases in the age women receive state pension, Class 4 National Insurance may be still be applicable once 60 years of age has been reached. The annual charge for Class 4 National Insurance may still have to be paid unless state pensionable age has been reached before the tax year starts. An amendment has been made ensuring the Class 4 exemption box is not ticked for females with dates of birth between 06/10/1950 and 06/04/1951. If exemption from Class 4 can be claimed for some other reason, please tick this box.
- An issue has been resolved which affected Long Life Assets being transferred into the Special Rate Pool. If any assets have been entered as a long life asset, from 1st April 2012 for companies and 6th April 2012 for SA100, the WDA rate will be 8% to match that of the special rate pool. This will create a hybrid rate if the accounting period straddles the date of change. These assets will be transferred to the special rate pool. Please note any previously generated tax returns will need to be checked as the previous rate of 10% will have been used.
In addition to the above, version 12.14.00 also includes the following:
- An update to the Dividend Database amends one or two dividends that were reported incorrectly.
- CT600 Royalties no longer attempts to round calculated values, as they should be reported in pence.
- Some alignment changes have been made to the Capital Allowance Grid and CT Computations.
- Some minor corrections to validations and typos.
TaxCalc 2012 - version 12.10.00 - released on 17th May 2012
- This release includes the Value Added module for Professional users which includes the What If planner and updated Tax Tips and Planning.
- For Personal and Business users, this update includes the What If planner
- The updated Dividend Database is also included in this release.
In addition to the annual inclusion of the above modules, version 12.10.00 also includes the following new features and updates:
- Some return forms and Notes have been updated with more recent versions from HMRC.
- Fixed a rare issue with rounding on time apportionment of corporation tax profits.
- Added updated importing from other Tax applications.
- Updated the Tax Office chooser with new/changed office details.
- Updated the Trust R185 forms to auto-create Settlor form and allow creation of more than one type of R185 on the same return.
- Added a Venture Capital Trust wizard on the SA100 which works in the same fashion as the existing EIS wizard.
- Various other minor graphical and textual changes and improvements to validations throughout.
TaxCalc 2012 - version 12.08.04 - released on 23rd April 2012
- This release includes a fix to a very rare import issue affecting the advised 'Payments on Account' due on the SA100. The issue will not affect your tax calculation and will only affect returns on which the What If Planner was used and, even then, only if the 2011 file was last saved on the What If Planner screen itself. The application will now advise accordingly as to whether there may have been an import issue and suggest re-importing, if appropriate. All new file imports will not experience this issue. Regardless, and as always, all users are advised to check the HMRC Statement of Account before entering the actual amounts of any Payments on Account paid within the year as the value imported is simply the expected amount at the time of submitting the previous year's return.
TaxCalc 2012 - version 12.08.03 - released on 12th April 2012
- This release now includes the final HMRC forms, notes and helpsheets which were released by HMRC on 6th April 2012.
- This release also includes some minor text changes and bug fixes.
TaxCalc 2012 Launch - version 12.06.01 - released on 29th March 2012
The main tax related changes within TaxCalc 2012:
Furnished Holiday Lettings
HMRC have now made it a requirement for the 2011/12 tax year such that if you have furnished holiday lettings in both the EEA and the UK, you are required to complete two versions of Page 1 in the UK Property section and split the income as appropriate. We have added the ability to create this duplicate page and will automatically complete this for you if the SimpleStep method is used.
Annual Allowance (Pensions)
The annual allowance for pension contributions has been reduced from £255,000 in 2010/11 to £50,000 in 2011/12. However, you are allowed to utilise unused allowances from the three preceding tax years, so we have added a wizard to aid you in calculating any excess contributions.
Capital Gains Tax
The SimpleStep Wizard for capital gains and associated summaries has been amended to cater for clogged losses (typically arising from sales to connected persons, such as relatives). If you state that the sale is to a connected person you will be able to state that the loss (or gain) is clogged and handle how losses should be set off. More information on this is available within TaxCalc 2012's Help.
Other changes include:
- The Capital Gains Annual Exempt Amount (AEA) has been increased to £10,600.
- The lifetime limit for Entrepreneur's Relief claims has been increased to £10,000,000 (ten million pounds).
Personal Allowances
Key changes include:
- The 2011-12 personal allowance has been increased from £6,475 to £7,475.
- The additional (income dependent) age related allowance for people aged 65 to 74 is now £2,465 on top of the personal allowance. This is a decrease of £550 but would give a total maximum age related allowance of £9,940.
- The additional (income dependent) age related allowance for people aged 75 or over is now £2,665 on top of the personal allowance. This is a decrease of £550 but would give a total maximum age related allowance of £10,090.
- The income limit for age related allowances (over which the age related portion is reduced by £1 for every £2 of earnings over this limit) is now £24,000.
Other Allowances
Key changes include:
- Married Couples allowance has been increased to £7,295.
- Blind Persons allowance has been increased to £1,980.
- Maintenance & Alimony allowance has been increased to £2,800.
Corporation Tax
Support of the 2012 Financial Year Corporation Tax calculations has been added. HMRC are planning to update their systems for the 2012 Financial Year during July 2012 (subject to change), so returns cannot be filed until then. However, TaxCalc 2012 will calculate taxes for the new Financial Year using currently published rates and allowances.
Other TaxCalc 2012 Changes
As well as the tax related changes above, there have been many improvements made to text, wizards, Help and more throughout the application.
Important Notes:
- Due to the date of release some of the HMRC Helpsheets are outstanding as they were not available from HMRC; these will be included in the April TaxCalc release.
- Due to the date of release the Dividend Database and Value Added Module have not been included as the full tax year data was not available; these will be included in the May TaxCalc release.
