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Summary:

  • Tax Returns
  • Highlights of the 20/21 tax return changes
  • Bug fixes

SA100, SA800 & SA900:

  • The calculations for the 20/21 tax year have been released. Users will be able to do their roll forward for the 20/21 tax year, returns will not be able to be submitted until the 6th of April depending on HMRC opening the gateway.

Highlights of the 20/21 tax return changes:

Coronavirus Support Scheme payments  

  • there is no specific provision on the tax returns in which to declare the support payments received under the Job Retention Scheme and Eat Out To Help Out schemes. There is however a requirement to confirm that such payments received have been included within the business profits.     
  • Self-Employment Income Support Scheme – there are specific boxes within the Self Employment (SA103) and Partnership income (SA104) which should include the amount of any payments received under this scheme during the year.     

Coronavirus Support Scheme Payments incorrectly claimed – there is now a requirement to report amounts of any support payments that were incorrectly claimed during the year. These amounts will need to be repaid. They are included within the Taxfiler tax calculation and collected by HMRC as part of the Self-Assessment tax bill following submission of the 2020/21 tax return.      

Residential Finance Costs restriction – as you may already be aware residential finance costs are no longer a deductible expense against rental income for 2020/21 onwards. Relief for the full amount of costs incurred during the year together with any unused costs brought forward is given as a 20% reduction against the tax due.    

Capital Gains changes: 

  • Business Asset Disposals Relief & Investors’ Relief – the 2020/21 tax returns reflect the name change from Entrepreneurs’ Relief to Business Asset Disposals Relief.  
  • From 2020/21 it is also a requirement to report the amount of Entrepreneurs’ Relief and Investors Relief claims made to date by Individuals and Trust & Estates
  • Disposals of UK and Non-UK Residential Property by UK residents – for the SA100 there are new boxes in which to report gains and losses on the disposal of UK Residential properties which helps to differentiate between disposals of UK and Non-UK property. The SA900 Trust & Estate return contains a new section. Taxfiler has provided a new ‘asset type’ within the disposals data input to accommodate this change. There are no changes to the reporting of Non-Resident Capital Gains.   

Foreign income 

  • The amount of foreign dividend income that can be reported on the SA100 has been increased from £300 to £2,000.  
  • Remitted foreign Interest and Dividend income 
    • Foreign pages (SA106) have two new sections to report income from dividends and interest remitted to the UK. Taxfiler will populate these boxes when claiming the remittance basis. 
    • In addition, it is a requirement to indicate the total amount of dividend income that was received prior to 2016 but remitted during the period of the tax return being completed. The data input area contains an option to indicate if this applies.  

Bug fixes:

  • There was a certain scenario where the invoice was not being sent to the Primary user, this has been identified and a fix put in place.
  • When a company had a very long name there was an overlap on the declarations page, this has been fixed.
  • Fix implemented on an SA106, when a user claimed the property income allowance for foreign property, they will no longer receive an error on the review and file tab.

The self assessment forms for the 20/21 tax year have been released.

Please note that you will still not be able to submit these returns until after HMRC opens the gateway, which is usually on or after the 6th of April 2021.

Summary:

  • Tax Returns
  • Highlights of the 20/21 tax return changes
  • Bug fixes

SA100, SA800 & SA900:

  • The calculations for the 20/21 tax year have been released. Users will be able to do their roll forward for the 20/21 tax year, returns will not be able to be submitted until the 6th of April depending on HMRC opening the gateway.

Highlights of the 20/21 tax return changes:

Coronavirus Support Scheme payments  

  • there is no specific provision on the tax returns in which to declare the support payments received under the Job Retention Scheme and Eat Out To Help Out schemes. There is however a requirement to confirm that such payments received have been included within the business profits.     
  • Self-Employment Income Support Scheme – there are specific boxes within the Self Employment (SA103) and Partnership income (SA104) which should include the amount of any payments received under this scheme during the year.     

Coronavirus Support Scheme Payments incorrectly claimed – there is now a requirement to report amounts of any support payments that were incorrectly claimed during the year. These amounts will need to be repaid. They are included within the Taxfiler tax calculation and collected by HMRC as part of the Self-Assessment tax bill following submission of the 2020/21 tax return.      

Residential Finance Costs restriction – as you may already be aware residential finance costs are no longer a deductible expense against rental income for 2020/21 onwards. Relief for the full amount of costs incurred during the year together with any unused costs brought forward is given as a 20% reduction against the tax due.    

Capital Gains changes: 

  • Business Asset Disposals Relief & Investors’ Relief – the 2020/21 tax returns reflect the name change from Entrepreneurs’ Relief to Business Asset Disposals Relief.  
  • From 2020/21 it is also a requirement to report the amount of Entrepreneurs’ Relief and Investors Relief claims made to date by Individuals and Trust & Estates
  • Disposals of UK and Non-UK Residential Property by UK residents – for the SA100 there are new boxes in which to report gains and losses on the disposal of UK Residential properties which helps to differentiate between disposals of UK and Non-UK property. The SA900 Trust & Estate return contains a new section. Taxfiler has provided a new ‘asset type’ within the disposals data input to accommodate this change. There are no changes to the reporting of Non-Resident Capital Gains.   

Foreign income 

  • The amount of foreign dividend income that can be reported on the SA100 has been increased from £300 to £2,000.  
  • Remitted foreign Interest and Dividend income 
    • Foreign pages (SA106) have two new sections to report income from dividends and interest remitted to the UK. Taxfiler will populate these boxes when claiming the remittance basis. 
    • In addition, it is a requirement to indicate the total amount of dividend income that was received prior to 2016 but remitted during the period of the tax return being completed. The data input area contains an option to indicate if this applies.  

Bug fixes:

  • There was a certain scenario where the invoice was not being sent to the Primary user, this has been identified and a fix put in place.
  • When a company had a very long name there was an overlap on the declarations page, this has been fixed.
  • Fix implemented on an SA106, when a user claimed the property income allowance for foreign property, they will no longer receive an error on the review and file tab.

Summary:

  • Tax Returns
  • Accounts
  • Bug fixes
  • General enhancements

SA100:

  • Investors relief is now only available for selection on disposal of “unlisted shares”.

Accounts:

  • Added the field for additional notes to be added to the inventories note, users have the option to select the note if they wish to show it (note is supressed as default). If additional information has been added the note will be displayed even if the tick box is not marked.
  • Added the option to “anonymise” the directors loan account note

Bug fixes:

FRS102:
  • A user is able to select either Financial Instruments or Investments policies, not both, this is due to an issue with the taxonomies, as an interim fix once one is selected the other is removed from the list of available policies.
  • The inventories note is now available so that additional notes can be added.
  • Correction to the Section 479A audit disclaimer, adding capital A & subsidiaries to the disclaimer.
Partnership:
  • Included the missing line from the ‘Profit & Loss Accounts Analysis’ for the ‘Profit/Loss on Disposal of Investments’.
  • Corrected the number referencing on the Investment note.
Trusts:
  • Users were receiving an error when they entered decimals on property income & mortgage finance, this has been corrected
Tax returns, CT600:
  • Terminal loss relief, we have removed the restriction that only the current year losses are available to carry back to a prior year in those instances where a company has eased trading.
  • Box 850, excess management expenses will now populate with the balance brought forward.
Tax returns, SA100 & supplementary forms
  • We have moved the IR mark on the tax return pages so that it doesn’t clash with the HMRC logo.
  • Added Structures & Buildings allowance and Electric Charge Point allowance to the detailed report.
  • Serbia can be selected as a the residence status, the “& Montenegro” has been removed
  • Corrected the OOPS error message that users were getting when viewing the estimated 20/21 liability where they had dividends and gift aid and there was insufficient income to cover the tax due on the gift aid

General enhancements:

  • Added a notification of new releases which links to this page, this is shown as a bell on the “?” on the main menu ribbon, when clicked you get the option to link to this release page on the website. If you are reading this you found it.
  • A button has been added to the diary settings dialog box, when clicked the system will read the confirmation statement due date and last made up date from Companies House and update the diary record for the client.
  • Added the option to allow a single partner to sign partnership accounts, partners listed on the system within the date range will be listed and can be selected via a ticket box to sign the accounts or an additional name can be added to sign the accounts.
  • Wording on the VAT return screens has been updated to accommodate Brexit changes.
  • Added a filer for “type” on the RETURNS page.

Summary:

  • Tax Returns
  • Accounts
  • Bug fixes

SA100:

Accounts:

Bug fixes:

Summary:

  • Tax Returns
  • Accounts
  • VAT
  • System functionality
  • Bug fixes

Tax returns:

  • Removed the option to select “cheque repayment” from HMRC when repayment to “other nominee” is selected, as this was generating an error message.
  • Updated the wording on an error message that was being received when a loss set off against income was entered where the user was using the cash basis of accounting from “If box 10 on page SEF 1 of form SA103F is present, then box 78 on page SEF 4 of form SA103F must be zero or absent.” To “Sideways loss relief is not available when using the cash basis. Please review.”
  • Restricted the selection of Entrepreneurs relief to other assets only in the disposals section, so that users cannot select this for other areas and receive a filing error

Accounts:

  • Added a nominal code for VAT to the trial balance for FRS105, this account appears under both creditors and debtors.

VAT:

  • Changed the wording on the VAT return for box 5 from “Net VAT due” to “Net VAT to be paid to HMRC or reclaimed by you”.

System functionality:

  • Added in a “Primary user” by default, this is the person who signed up for the Taxfiler account. (See support for additional information)
  • Users are now able to upgrade their license via a new license tab, this includes upgrading their package or increasing the number of users (see support for additional information)
  • Users are able to reduce user licenses (see support for additional information)

Bug fixes:

  • Added the subtitle “Interest payable” on the Detailed Profit & Loss for FRS105.
  • Added “This schedule does not form part of the statutory accounts” at the top of the Detailed Profit & Loss for FRS102.