What's new - August 2024

Top-level summary

Formerly known as Practice Manager Plus, our advanced practice management solution has evolved. With TaxCalc WorkFlow, embrace a suite of enhanced features meticulously designed to optimise your practice efficiency and performance.

Practice Manager – the beating heart of your TaxCalc ecosystem – has also levelled up with support for multiple dashboards, multiple offices and additional data mining and reporting capabilities.

This release also includes the latest iteration of our powerful tax planning tool – WhatIf? Planner, and our time-saving tax compliance tool - Dividend Database.

WorkFlow

New name for Practice Manager Plus!

We are excited to announce the transformation of our advanced practice management product, Practice Manager Plus, into TaxCalc WorkFlow. This rebranding reflects an ambitious programme of investment, evolution and improvement since its inception in 2020, resulting in significantly enhanced capabilities, including:

• Automated workflows.
• Customisable job templates.
• Automated task completion.
• Internal and external deadline tracking.
• Configurable dashboards; and
• Flexible assignment options.

If you wish to maximise the benefits of TaxCalc WorkFlow for your practice and your team, then speak to us about our training and consultancy packages.

Practice Manager

Additional data mining and reporting conditions

You can now mine your client data based on a broad selection of financial information held within both the accounts and corporation tax returns. Uncover those hidden opportunities by gleaning deeper insights into your client data and make your communications more targeted for better engagement.

Multiple dashboards

Practice Manager users can now benefit from the creation of multiple dashboard views as standard, allowing you to display different widgets depending on what processes you wish to have oversight on. You can also set default dashboards that can be shared to individual users as well as groups of users.

Simplification of the client summary

The client summary has been updated to show only current relationships, rather than any historical ones. This makes for a cleaner interface and avoids any confusion over which relationships are current or historical.

Improved period date filter

Work status reports can now be filtered by a choice of period date parameters such as on or before a specified date, on or after a specified date or between specified dates. This provides greater flexibility when wanting to report on the status of any work.

Multiple office support

Practice Manager users can now assign clients and users to specific offices as standard. Filing credentials can also be specified on a per-office basis, allowing you to quickly populate the correct credentials for a given office when filing both to HMRC and Companies House.

VAT threshold update

The VAT threshold increase from £85k to £90k has been applied to the 'Clients above the VAT threshold' widget and report to make sure you are correctly identifying affected clients.

Tax Return Production

What If? Planner now live for 2025

What If? Planner is our powerful tax planning tool that allows you to project your clients’ future tax liabilities with ease. Now fully up to date for 2024/25, you can accurately identify opportunities to reduce payments on accounts, plan for known changes in circumstances and provide estimates for investment property sales; with zero risk of interfering with any live tax return data.

New tax credits for creatives

We have implemented wizards, calculations and computation updates for the new Audio-Visual Expenditure Credit (AVEC) and Video Games Expenditure Credit (VGEC) for any clients that qualify for the relief.

Improved partner management screens

We have implemented a fresh look and feel to the partner management pages, including search, filter and action options to make it easier to manage large partnerships. In addition, we have added the ability to multi-select partners and create the relevant associated pages in bulk.

Dividend Database now live for 2023/24

With Dividend Database there’s no need to spend time searching for clients’ dividend payments, it’s all there in a few clicks. Our latest update includes all FTSE350 and selected AIM listed company dividend information for 2023/24.

New research and development schemes

The merged R&D Expenditure Credit (RDEC) scheme and Enhanced R&D Intensive Support (ERIS) scheme replace the old RDEC and small and medium-sized enterprise (SME) schemes for accounting periods beginning on or after 1 April 2024.

Accounts Production

Lead schedules for Group Accounts

Subsequent to the recent release of our new Group Accounts consolidation module, it is now possible to generate lead schedules for groups. This report includes reconciliations for both the group and the parent, to reconcile the figures shown on the accounts.

Display breakdown of debtors and creditors by default

In order to ensure consistency, we have added an Admin level setting to display a breakdown of debtors and/or creditors by default in the notes to the accounts. This will avoid having to make this decision on a client by client basis.

e-Sign Centre integration for Group Accounts

Maximising the benefit of full suite integration, it is now possible to attach sets of accounts for both the group and the parent to an eSign envelope to facilitate the electronic signing process. Once those accounts have been sent for signing or signed, the relevant task can be automatically updated within TaxCalc WorkFlow.

2024 taxonomy update

As always, we keep our products fully up to date with the latest iXBRL filing schema.

AML Centre

Option to bring forward details from previous risk assessment

We all know AML compliance can be a laborious process, so we have made that a little bit less onerous in this release with new options to bring forward details from the previous risk assessment and identification stages. This applies to both firm-wide and customer due diligence.

Improved reporting

Following feedback from our customers who have been subject to an AML audit, we have included additional information within the risk assessment report to display the answers to risk profile questions. An additional comments area has also been added for when the overall risk is revised, which will similarly be included on the risk assessment report.

Communications Centre

Bulk cancel pending messages

Improving efficiency in the testing and implementation of bulk message creation, it is now possible to multi-select messages in the pending queue and cancel them all at the same time. This allows you to experiment with automated communications, safe in the knowledge that you can easily repeal any draft messages before they are sent to your clients.

Company secretarial

Companies House Forms

Following the recent Economic Crime and Corporate Transparency (ECCT) Act changes, Companies House revised many of their fees with effect from 1st May 2024. These have now been reflected in the following forms:

• CS01

• NM01

• NM02

• NM03

• NM04

Company Incorporator

Following the recent Economic Crime and Corporate Transparency (ECCT) Act changes, the following forms have also been updated to reflect the revised Companies House fees:

• IN01

• LLIN01