Tax Return Production
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.
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.
Bulk creation of SA100
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.
EC Sales list and VAT Return
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.
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.
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.