What's new - Spring 2025

Top-level summary

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.

But that’s not all. We’ve also implemented key features of MTD Quarterly Filer – our bridging solution designed for those taking part in the MTD for Income Tax testing phase. See below for an end-to-end video demonstration of MTD Quarterly Filer in action.

We have also made enhancements to Practice Manager to support our forthcoming Accounts Production releases for Community Interest Companies and Charities – watch this space!

Tax Return Production

New 2024/25 tax return forms

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.

Updated basis period calculator

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.

Updated transition profits wizard

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.

Land & property import for partnerships

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.

New partnership allocation summary

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.

Budget day CGT changes

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.

MTD Quarterly Filer

We’ve made significant progress on our bridging solution for MTD for Income Tax, and while key foundational features are already in place, the full product will be available in the coming months. As we await further updates from HMRC, we’re continuing to refine and prepare for a full release, expected from April onwards. Whether you’re planning to participate in HMRC’s testing phase this tax year or simply wanting to stay abreast of developments, here’s what we’ve built so far.

Fetch business information direct from HMRC

Obtain information held by HMRC about your clients’ MTD business(es) and either create, or update, the client business record within the TaxCalc database.

Fetch obligation and update periods from HMRC

Create obligation and update periods within MTD Quarterly Filer automatically from the information held by HMRC.

Create bespoke update periods

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 quarterly. You can also report on the status of each individual update and the overall obligation period.

Spreadsheet import and data mapping

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.

Predictive tax calculation

Visibility of HMRC’s estimated tax calculation for the year based on business income submitted to date and other income already in their possession.

External submission visibility

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.

Practice Manager and WorkFlow

Bulk create VAT return periods

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.

Bulk create non-TaxCalc work item periods

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.

Support for Community Interest Companies

Ahead of the April release of our new Community Interest Company format, 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.

Supporting MTD for Income Tax

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.

Multi-office client restriction

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.

Accounts Production

Removal of dotted signature line 

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.