What's new - May 2024

Top-level summary

For many, 2023/24 will go down as the year of transition, as unincorporated businesses move away from the current year basis of taxation and on to the tax year basis.

This will add significant complexity for those with accounting year-ends not aligned with the tax year. But, fear not, our latest release includes our enhanced Basis Period Calculator and new Transition Profits Wizard to wave a magic wand over those calculations!

The legislative changes don’t end with tax, as the Economic Crime and Corporate Transparency (ECCT) Act introduces additional Companies House filing requirements – ably incorporated and covered by our company secretarial range.

We also have some exciting enhancements to our practice management suite that paves the way for our forthcoming Group Accounts consolidation module – watch this space!

Tax Return Production

New 2023/24 tax return forms

Keeping you compliant from the very start of the new tax year, Tax Return Production features updated forms, calculations, wizards, worksheets and helpsheets for the SA100, SA800, SA900 and R40 tax returns for individuals, partnerships and trusts.

Updated basis period calculator

Our basis period calculator has been enhanced to support the changes brought in by basis period reform. We can handle long accounting periods, multiple accounting periods and even those clients retaining their non-fiscal year end.

Private use percentages for the self-employed

In addition to entering private use adjustments manually, you now have the option of entering a percentage value and allowing our adjustment wizard to take care of the calculations for you.

Increased useability for capital allowances

General update to the layout and formatting of the capital allowances section of the Corporation Tax computation.

New Corporation Tax return CT600 V3 (2024) 

We’ve updated to the latest version of the CT600, incorporating the new rates and calculations for Financial Year 2024, which include the changes to R&D SME relief, notional tax calculation for RDEC claims and creative industry tax reliefs.

New transition profits wizard

As 2023/24 is the transitional year of basis period reform, we’ve added a wizard to help you calculate transitional profits and distinguish them from standard profits. You can elect to accelerate the spread of profits – and we’ve created a bespoke report to better communicate these calculations to your client.

Disallowable expenses for short self-employed pages

Replicating the functionality already present within our long self-employment pages, it’s now possible to record disallowable expenses in the short self-employment pages, including use of our new private use percentage calculator.

Practice Manager

Work periods and statuses for all activity types

Manage all your work in one place with our new work periods and work statuses for jobs managed outside of TaxCalc, such as Payroll, Bookkeeping or any custom activity type. It’s now possible to run reports and create dashboards irrespective of whether the work is being completed within the TaxCalc suite.

Bulk create jobs for all activity types

Extending the existing functionality for bulk job creation, it’s now possible to do so for both TaxCalc and non-TaxCalc work items.

Companies House registered email address

In response to the Economic Crime and Corporate Transparency (ECCT) Act, there’s now an option to create or assign a registered email address for Companies House.

Full visibility of work on the client list

Statuses and latest periods for any non-TaxCalc work items can now be displayed in their own column on the Practice Manager client list and stored in any custom column views that you wish to create.

Group relationship management

In preparation for our forthcoming group accounts consolidation module within Accounts Production, it’s now possible to record parent, subsidiary, associate and joint venture relationships within the client record and see the overall group structure.

Companies House Forms

ECCT Act update

Again, as a result of the Economic Crime and Corporate Transparency (ECCT) Act, we’ve updated the Confirmation Statement form CS01 and Change of Registered Office Address form AD01. Our next release will include the new form EM01 to notify a Change of Registered Email Address and an update to the Companies House sync wizard – watch this space!

Company Incorporator

ECCT Act update

Once again, as a result of the Economic Crime and Corporate Transparency (ECCT) Act, we’ve updated the Application to Register a Company form IN01 and the Application to Register a Limited Liability Partnership form LL IN01. These forms now include the new registered email address requirement for companies and LLPs and the new lawful purpose statement for Companies.

Time

Time logging for contacts

You can now add time logs for contacts within the Time module.

Improved filtering

 It’s now possible to filter on work types (jobs & tasks) within the WIP overview table. 

eSign Centre

Multi-document upload 

You can now upload multiple PDF documents to an envelope at the same time using all the familiar options of Ctrl-Select, Shift-Select and Select All.

Communications Centre

New Email Provider

We have updated our list of Email providers configurable within Communications Centre to include Microsoft Email. This covers all Microsoft email account types such as Office, Microsoft 365, Hotmail and Live using a new method of authentication for improved security.

If you would like to update your current configuration, you can now change your provider type to the new Microsoft Email option within Admin Centre and re-authorise your email account when prompted. Please see our Knowledgebase for more information.