What's new?
Products featured in this release
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 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.
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.
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.
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.
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.
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.
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.
Fetch obligation and
update periods from HMRC
Create obligation and update periods within MTD Quarterly Filer automatically from the information held by HMRC.
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.
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 & 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.
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.
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.
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.
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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