Knowledge Base
Knowledgebase Support HMRC Useful links
Knowledgebase home
Tax Return Production
Accounts Production
Practice Management
VAT Filer
CloudConnect
Anti-Money Laundering
Support home
Video Training Guides
NEW

Hot Topics
SimpleStep Guides
Release Notes
Technical
Known Issues

HMRC Status
Useful Links
MTD for Agents MTD for Businesses What is MTD
Preparation
Agent Services Account
MTD for VAT
MTD for Income Tax
MTD for VAT
Digital Record Keeping
Quarterly Updates
Step-by-step Guide
HMRC's MTD Timeline
TaxCalc's MTD Journey

What's new?

All set for the new tax year

TaxCalc just keeps getting smarter.

Every year our teams work tirelessly, bringing you the latest compliance updates to ensure you’re fully prepared for the new 2020/21 tax year. Despite lockdowns and working 100% remotely, this year is no exception. In fact, TaxCalc for 2021 is smarter, more robust and better than ever. As well as timely compliance updates, this new release comes with a number of major enhancements (many as a direct response to your requests) that will improve your day-to-day efficiency.

And now we’ve introduced a number of additional timely updates and improvements for April to complement our recent major release, keeping you seamlessly in line with changes announced in the March Budget. See all entries markedNew for April. Don’t forget to update again to integrate our latest release into your TaxCalc software.

We call it the Science Behind Compliance. You might call it complete peace of mind.

Watch our webinar

What’s New in TaxCalc?

Join us and renowned accountant and industry spokesperson Stephen Paul as we talk about the latest enhancements to TaxCalc’s software designed to boost your productivity and keep you compliant in the new tax year.

Watch now

Highlights

Tax Return Production

Tax Return Production updates

New 2020/21 tax return formsHighlight

Keeping you compliant from the very start of the new tax year, Tax Return Production features new forms for SA100, SA800, SA900 and R40 tax returns.

Enhanced data entry for Tax Payment/ Repayment Summary in SA100

TaxCalc now offers the flexibility to add your own explanations and show additional outstanding liabilities in the Repayment/Payment summary. Previously you could only provide a view of your client’s tax position and liabilities for the current tax year and next year’s advance payments on account. Giving clients more detailed reporting and showing the bigger picture of their tax position provides them with greater clarity and enhances the service you offer.

Alert to paper file for HMRC
calculation exclusionsNew for April

When HMRC identifies an issue with its online calculations, it releases exclusions. If a tax return is affected by an exclusion, it’s likely that the tax liability is incorrect, or is not able to be filed online. We have included the latest exclusion: No. 128 – which affects the calculation of top slicing relief where losses have arisen. If a return meets these exclusion criteria Check & Finish will notify you.

If a return is affected by an exclusion, you can paper file the return, even after the 31 October paper filing deadline. TaxCalc will generate a reasonable excuse form to submit along with the return to avoid filing a penalty for not filing online. For more information on HMRC exclusions, see our Knowledge Base article.

Updates to the CT600 V3 – 2021Highlight

We’ve made extensive changes to the latest Corporation Tax Return form in line with HMRC mandates, so you can rest assured you’re right up to date with new legislation.

New CT600L Research and
Development Supplementary Pages

Keeping you in step with HMRC’s latest requirements, we’ve incorporated new CT600 supplementary pages for Research and Development Expenditure Credit (RDEC) and R&D enhanced expenditure (SME scheme) claims. These are required for all CT600 returns filed on or after 6 April 2021.

Update to R&D computation summary to include Expenditure Credit calculationsNew for April

Keeping you compliant, we’ve updated the Corporation Tax computation in line with the introduction of the CT600L Research & Development supplementary pages. These now include Expenditure Credit calculations where the R&D Supplementary pages have been completed.

Corporation Tax for Capital Losses Reform update

This update gives reassurance and certainty by guiding you to utilise and report client losses correctly.

New taxonomy for Corporation Tax Returns

The CT600 form in TaxCalc complies to the
new HMRC taxonomy for smoother electronic submissions.

New Super Deductions for Capital AllowancesNew for April

The March budget saw the introduction of the new Super Deductions for Companies for capital purchases in the General (130%) and Special Rate Pools (50%). We’ve included new fields and validations to enable claims, and made the relevant additions to the Corporation Tax Computation.

New Annual Pension Allowance Summary in SA100

You can now generate a report for clients showing their pension contributions, allowances and calculations with regard to the Annual Pension Allowances for the coming tax year. Clarifying their pension position is another quick win and value-add for clients.

Updated SA100 pre-population API

Responding to the changed employment landscape, we’ve acted quickly and enhanced our API to fetch off-working payroll arrangements and SEISS (Self-employment Income Support Scheme) information directly from HMRC.

 

Accounts Production

Accounts Production updates

Accounts postingsHighlight

Our update to Accounts postings brings major benefits to your practice, both now and in the future. You can specify dates for each posting you make, whether made manually or imported/exported. Not only will this save you time, it provides complete traceability of transactions, that are entered into TaxCalc Accounts Production to their original entries.
This is the foundation for future time saving features, enhancing the integration and automation of information between accounts,
tax and VAT in the future.

Name customisation for reports

Benefit from added flexibility by having numerous options to customise client names on financial statements. This is a small feature requested by customers that can make a big difference to you and your clients.

Additional Account Codes

An additional account code has been added to disclose the amount a client has received for any Self-employment Income Support Scheme (SEISS) grants. This value will automatically map to the correct location on the SA100, saving you time and easing the burden of adapting to COVID-related legislation.

 

Practice Management

Practice Management updates

Bulk creation of SA100
Work ItemsHighlight

Our new Bulk Service Wizard in Practice Manager Plus will save significant time creating regular work items for multiple clients across your practice – adding to your overall efficiency and bottom line. Simply create SA tax returns in bulk for clients for onboarding, adding additional services, or managing/prioritising client tax return work. Another feature requested by customers and delivered.

Start and completion date fields in Practice Manager

With this new facility you can review any Task or Job in a specific date range, giving you the added visibility of length of time taken to complete a job. Clearer and efficient reporting enables you to assess productivity, performance and client profitability for better work management.

Integrated client creation in TaxCalc

You can now create clients spontaneously in any TaxCalc product and the client record in Practice Manager will automatically update. A smart, time-saving feature that creates efficiencies with every new client.

New user status column in Practice Manager

Add Default Work Item Statuses on creation of your work items in Admin to tailor to your practice requirements – which enables you to keep track of the current practice workload.

VAT Filer

TaxCalc VAT Filer updates

EC Sales list and VAT Return
messaging updateHighlight

Because most businesses that used to file an EC Sales List are now no longer required to, we’ve updated the wording on the VAT Return to include references to Northern Ireland as per HMRC’s latest changes. We've also provided messaging clarifying that only businesses which trade in Northern Ireland or between Northern Ireland and EU will still need to complete an EC Sales List.

Excel template for digital record keeping

With HMRC removing third party software's ability to file non-MTD VAT Returns from 8 April – plus the upcoming move to MTD for VAT with its digital record keeping requirements – we’ve produced a simple Excel template for your convenience. This template will meet HMRC’s requirements when paired with a bridging solution such as TaxCalc VAT Filer. Simply download the template from our Knowledge Base. Links are also provided within VAT Filer for you to download.

Companies House Forms

Updated geographical names list

Complying to the latest guidance from Companies House, we’ve updated the list of countries that you need to select when creating or editing client addresses in Companies House Forms. In short, we take care of the details so you don’t have to.

Companies House Forms

Company Incorporator

TaxCalc Company Incorporator updates

Updated memorandum
of associationHighlight

From 19 May 2021, Companies House will only allow a standard memorandum of association on submissions. Bespoke articles can no longer be submitted. Instead Companies House will create the memorandum of association from information contained in the incorporation submission created in TaxCalc. We have made a number of updates in Company Incorporator to ensure you comply with this new ruling for successful electronic submissions. Your software will automatically update on 18 May after 5pm to accommodate these changes.

Disclosure of Director details alert feature

When incorporating a company at Companies House, the details you provide at incorporation cannot be removed from the public record. So as you finalise the incorporation of a company and validate the submission using our Check and Finish tool, where you’ve chosen to keep the directors’ register on the public record, an alert will now show to double-check that you wish to proceed. Adding more information to the public record than intended can cause distress to all involved. This warning helps to prevent unintended disclosures, for added peace of mind all round.

Copy of memorandum
of associationNew for April

For improved record-keeping, along with the certification of incorporation from Companies House, you’ll now also receive a copy of the memorandum of association which will be displayed within the obtain incorporation documents area of Company Incorporator. This update has been added before the 19 May go live date.

Updated geographical names list

We’ve updated the list of countries that you need to select for filing client addresses in Company Incorporator. In short, we take care of the details so you don’t have to.

eSign Centre

Improved integration with Company Incorporator

This new facility allows you to add Company Incorporation forms directly into an eSign envelope – smoothing your processes and saving you time.

eSign Centre

See the full release notes

You can also find guides, videos and other supporting information on all our products at www.taxcalc.com.

View release Notes

Recent updates

We regularly release new features and enhancements to TaxCalc, take a look at our last release.

See our last release