With the cash basis now being the default for unincorporated businesses, budget day CGT rate changes and the new crypto asset gains reporting requirements, there has certainly been plenty to keep our developers occupied in this release.
If that wasn’t enough, our MTD for Income Tax spreadsheet bridging solution - MTD Quarterly Filer – is now ready for those wishing to participate in HMRC’s testing programme. Take a look at our website for an end-to-end video demonstration.
We have also released our new Community Interest Companies report within TaxCalc Accounts Production, with Charity Accounts set to follow later this year – watch this space!
Keeping you compliant from the very start of the new tax year, Tax Return Production features updated forms, calculations, wizards and worksheets for the SA100, SA800, SA900 and R40 tax returns for individuals, partnerships and trusts.
Following the removal of basis periods in the 2023/24 tax year we have updated the existing wizard to allow for the adjustments that taxpayers will now need to make every year should their accounting period not align with the tax year.
Replicating the functionality already present within our self-employment pages, it’s now possible to import partnership rental income and expenses from Accounts Production straight into the partnership tax return.
As HMRC were unable to properly enact the in-year CGT rate changes announced in the Autumn Budget, they have instigated a calculation workaround that may be difficult for both you and your clients to decipher. We have therefore created a Capital Gains adjustment summary to provide absolute clarity on post-budget day disposals.
The CT600 form has been updated to identify R&D Intensive companies, those claiming Audio-Visual Expenditure Credit and Video Games Expenditure Credit as well as revisions to the supplementary pages CT600F (Tonnage Tax) and CT600L (Research and Development).
For those clients with transition profits brought forward from 2023/24, we have updated our existing wizard to help you perform the transitional profit calculations and distinguish them from standard profits. We have also created a bespoke report to better communicate these calculations to your client.
As part of our ongoing strategy to improve the reporting capability for partnership clients we have created a new client report that breaks down all sources of partnership income and how it has been allocated to each partner.
We’re pleased to announce the launch of MTD Quarterly Filer, our spreadsheet bridging solution designed to support accountants preparing for Making Tax Digital for Income Tax. This product is now available for those wishing to participate in HMRC’s MTD for Income Tax testing phase. Visit our MTD Quarterly Filer page to find out more and register your interest in joining the testing phase.
Obtain information held by HMRC about your clients’ MTD business(es) and either create, or update, the client business record within the TaxCalc database.
For those wishing to test out their processes with a little more regularity than once per quarter, we have the ability for you to submit updates weekly, monthly or as often as you wish! You can also report on the status of each individual update and the overall obligation period.
Visibility of HMRC’s estimated tax calculation for the year based on business income submitted to date and other income already in their possession.
Create obligation and update periods within MTD Quarterly Filer automatically from the information held by HMRC.
Use your existing bookkeeping spreadsheets to import the relevant MTD information for filing. Mapping information can be saved so the information goes to the right category every time.
Even for clients for whom updates are being submitted in other 3rd party software, you will be able to keep an eye on proceedings and retrieve the most recent submission details within MTD Quarterly Filer.
Identify which of your clients are potentially brought into the MTD for Income Tax regime from April 2026 based on 2023/24 income and those that are certainly brought in based on 2024/25 income.
Extending the existing functionality of our bulk service wizard within TaxCalc WorkFlow, it’s now possible to bulk create the VAT return periods when bulk creating jobs.
You can now specify a limited company, limited either by shares or by guarantee, as a Community Interest Company and utilise the Companies House sync to import this subtype automatically.
Also extending the existing functionality of our bulk service wizard within TaxCalc WorkFlow, it’s now possible to bulk create non-TaxCalc work item periods when bulk creating jobs.
MTD quarterly update periods can now be monitored and managed effectively through Practice Manager and WorkFlow as we have included a new Service, Activity Type and Work Statuses. We have also created new reporting fields for the different types of MTD business income.
A dedicated option has been added to the Client Restriction screen, making it easier to limit user access to specific Offices. This streamlined approach eliminates the need to configure complex conditions using the Advanced (data mining) option.
It is now possible to generate the CIC report from within TaxCalc Accounts Production. The CIC report along with the CIC accounts can now be submitted electronically to Companies House via their ZIP portal (file package accounts with Companies House service). TaxCalc will create a ZIP file that can be submitted via this service. As soon as Companies House permit direct filing from 3rd party software then we will add this in too.
Given the prevalence of electronic signing, the dotted signature line will be removed from the Directors Report, Strategic Report and Balance Sheet for Limited Companies, LLPs and Groups where a date of signing is entered. This avoids the accounts appearing unsigned where a wet, or replica, signature is not used.