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Product update – Version 2020.14 – Released 27 November 2020

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.