What's new?
Products featured in this release
Practice Manager
Client tax questionnaire
2024/25 update
Finished all your 2023/24 tax returns already? We have updated the client tax questionnaire so that you can get a head start on preparing your requests for tax information before the beginning of the new tax year.
Start and end dates
for Services
It is now possible to add start dates and end dates within Services Rendered. This allows you to track service provision over the lifetime of a client and more accurately report on active services provided.
Companies House integration
for LLPs
Our existing Companies House integration facility has been extended to support LLPs as well as companies. This means all your LLP information can be similarly synchronised with the public record, allowing for fast onboarding and maintaining data accuracy across your incorporated clients.
Additional dashboard
widget filtering
Work Item Status dashboard widgets can now be filtered by Portfolio Manager, Custom User Role and Office. This allows you to focus only on work items relevant to you.
Ability to re-assign Hub Admin role to another user
Upon first installing TaxCalc, a default user ‘admin’ with role 'Hub Admin' is created and able to
do the following within the software (over and above normal Administrator role privileges):
- Complete updates
- Restore backups
- By-pass password protection
- Auto-assign outgoing email settings to the firm
The Hub Admin role can now be assigned to another user in the system to negate the need for a
separate admin user to be maintained.
Accounts Production
New Limited Liability
Partnership (LLP) SORP 2024
The 2024 Statement of Recommended Practice for Limited Liability Partnerships is effective for accounting periods beginning on or after 1st July 2024. The accounts will automatically be updated to refer to the applicable SORP based on the accounting period.
Practice level defaults enabled
for new Group Accounts module
Following the exciting release of our Group Accounts consolidation module earlier this year, we’ve now enabled practice level defaults relevant to groups to be set within Admin centre. This allows you to customise the default wording for the group-specific notes and disclosures, just as you are able for other entity types.
Window size retention for posting
and edit notes screens
As customers now use an ever-increasing range of screen sizes and display resolutions, we’ve observed a greater inclination amongst users to resize the posting screens and the edit notes screens. Any re-sizing of these screens will now be retained locally to avoid having to repeat that process for each subsequent opening.
Automatic period
locking
In order to help prevent erroneous changes being made to finalised accounts, when accounts are successfully submitted electronically to Companies House, the accounting period will be automatically locked.
Additional disclosure notes
for all company formats
In anticipation of our Charity Accounts format becoming available in 2025, we’ve added a Contingent Assets note and made that available to all formats. We’ve also added a Qualifying Third Party and Pension Scheme Indemnity Provision note to the Directors’ Report for small and micro entities, where applicable.
Tax Return Production
Enhanced partnership
profit allocation
Allocating profits and losses to partners in a partnership just got better with our new pre-profit/loss allocation adjustments capability. It’s now possible to enter any adjustments, such as partner salaries, prior to the profit or loss allocation being calculated on the partners’ percentage share.
Any adjustments will also be reflected on the Partnership Business Summary report for complete clarity.
New finance costs
summary report
If you or your clients are struggling to understand how finance costs have been restricted on residential property income – and the utilisation of any unused finance costs brought forward and carried forward – we have just the solution for you. Our new relief for finance costs summary details everything you need to know, either for your internal use or to add to your client tax reporting pack.
Greater visibility of the
partnership statements
We’ve always provided the ability to generate a report, containing a statement for each partner in a partnership, that includes all the information needed to complete the partnership pages of their individual tax returns. We’ve now improved visibility of this report by including it within the main summaries screen, and not just within the reporting pack printing preferences.
We’ve also added the ability to filter this report by a specific partner, rather than always displaying the information for every partner.
New transition profit
tax calculation report
Basis period reform is the gift that keeps on giving in terms of complexity. You may have noticed that tax due on transition profits now appears as a single line item on HMRC’s SA302 tax calculation, with no reference to the rate of tax applicable to those profits. In response, we’ve created a new report showing how this figure has been calculated – particularly useful for when the transition profit spans multiple rates of tax.
Improved visibility and performance
for larger partnerships
We’ve taken a fresh approach to the user interface design of our partnership screens so as to not overwhelm you with superfluous information, particularly where large numbers of partners are involved. Information now only shows dynamically – thus removing lots of empty boxes –and we’ve added search fields, column sorting, multi-select, scrolling and contextual shortcuts to improve navigation.
We’ve also made significant performance improvements to page load times where very large numbers of partners are involved.
Time
Multiple employee
charge out rates
In addition to the standard charge out rate for each employee, which can be varied over time, it’s now possible to add activity type charge out rates on a user-by-user basis. This allows you to have multiple concurrent charge out rates for each member of your team that vary depending on the activity they’re working on.
For example, you may wish to charge a premium for employees working on consultancy type activities or discount where they are working on more administrative activities.
Practice level activity
type charge out rates
As well as being able to add multiple charge out rates for each individual employee, we’ve added the ability to set activity-based charge out rates at a practice level so that they apply to all employees across the board. Any activity type charge out rates set at individual level will apply in preference to the practice level setting.
AML Centre
Option to record proliferation financing risk
In accordance with updates made to the 5th Anti Money Laundering directive in relation to proliferation financing, we’ve added a new option to specifically set the proliferation financing risk and related comments, so that this can be identified and printed on the firm-wide risk assessment separately.
Companies House Forms
EM01 – Change of registered email address
Following on from our previous release, and the mandatory requirement for companies and LLPs to provide a registered email address to Companies House, we’ve included a new option to allow users to submit a change to that email address, where they’ve already notified Companies House of a registered email address.
HMRC Forms
New Version of '64-8 Authorising your agent' form
In a departure from convention, customers should note that HMRC has stopped accepting the previous version of the 64-8 form when submitted on paper. We recommend that you use the new form for any paper submissions that are currently in-flight, or use electronic submission instead.
For the full story
For a full list of updates, please see the release notes in our Knowledgebase.
Recent updates
We regularly release new features and enhancements to TaxCalc.
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