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Product update – version 2023.10

Summary of release:

In this release we have started to update the software with the latest 23/24 tax year changes; more tax year changes are to follow.
For this release we are happy to announce the following updates:

Basis Period Reform – Transitional Profits

For Individuals/Trusts with Trades and/or Partnerships

The government announced the basis period reform which is a change in the way trading income is allocated to tax years rather than basis periods for self-employed traders, partnerships, and trusts.

This change is due to come into effect as of April 2024, for accounting periods that do not align with the tax year, a transitional profit will be calculated to align to the tax year, with all overlap relief being given.

Businesses who draw up accounts that align to the tax year will not be impacted by this realignment.

The reform has introduced a spreading provision to ease the impact of any additional tax charges on the additional profits attributed to the 2024 transitional year. Transitional profits will spread over five years starting from the 2024 tax year.

We have started to update the product, to assist you with navigating the legislative change.

For an Individual/Trust with a trade or partnership it is now possible to process these entities with all the necessary entries for basis period reform, including:

  • Capability to input transitional profits and the corresponding amount for the tax year, allowing the software to seamlessly carry forward any transitional profits to the subsequent tax year.
  • Automatic utilisation of any overlap relief that has been brought forward from previous tax years.
  • Ability to offset brought forward losses against transitional profits.

Individual 2023/24 tax year updates

Self-employment SA103 s/f – we have updated the self-employment data entry for the tax year 23/24 with the latest updates, which include:

  • removal of ‘Permanent change of accounting date‘ and ‘Accounting date changed more than once since 2018‘ checkboxes.
  • wording update from ‘Any other business income (including CJRS and other COVID payments)‘ to ‘Any other business income‘. Removal of CJRS and COVID wording.
  • wording update for ‘Freeport structures and buildings allowance‘ to ‘Freeport and investment zones structures and buildings allowance‘.

Trusts 2023/24 tax year updates

Self-employment SA901 – we have updated the trust – self-employment data entry for the tax year 23/24 with the latest updates, which include:

  • wording update for ‘Freeport structures and buildings allowance‘ to ‘Freeport and investment zones structures and buildings allowance’.
  • removal of ‘Change of accounting date‘ and ‘Second or further change‘ check options.

Bug Fixes:

  • CT – drilldowns for corporation tax returns now accurately redirect to the appropriate data entry.
  • SA – total tax due row missing from the SA302 has now been resolved and appears as expected.

Summary of previous releases:

Product update – version 2023.9.1

No significant customer features.

Product update – version 2023.9

Bug fixes: 

  • Accounts – Increased the space in the Accountants Report to allow for a signature. 
  • Accounts – ICAS Accountants report has been updated to the latest version. 
  • SA – Bulk Roll Forward correctly processes now. 
  • SA – Corrected the dividend rate from 7.5% to 8.75% in Disregarded income calculation. 
  • CT – CTAPs starting or after 01/04/2023 and that are part of a long accounting period, the R&D expenditure qualifying for SME R&D relief is now correctly apportioned. 
  • CT – SME R&D Tax Credit – Removed the incorrect validation for CTAPs that straddle 01/04/2023 for the total Surrenderable loss field. 
  • R40 – Corrected the error message encountered when trying to download pdf form R40 

Product update – version 2023.8

Legislation and annual updates:

  • Updated to the latest R40(M) 2022/23 

Bug fixes:

  • Accounts – Removed the additional space before ‘Registered in’ in the standard template of the statutory information section within a set of FRS 102 accounts. 
  • CT – Corrected the rounding of capital allowances which are claiming super deduction to round up rather than down. 
  • CT – Update the roll forward routine to ignore the reason selected for “Computations” within company information, this will no longer carry to the following accounting period. 
  • CT – Validation error presented where brought forward RDEC is entered on the CT600L without a corresponding R&D claim. 
  • CT – Updated the CT UI to remove 51% group companies for accounting periods ending after 31/03/2023. 
  • CT – Updated mapping to completed box 615 where RDEC credit is surrendered from group company.  
  • CT – Updated the computation to include associated companies entries.  
  • CT – Returns rejected where limited company has a straddling April 2023 period, no taxable profits and associated companies entered have now been fixed and can be submitted. 
  • CT – Updated the losses surrendered calculation for SME R&D tax credit for straddling periods, the software will now look at the lower  
  • CT – Corrected the total losses surrendered for R&D tax credit figure where periods straddle April 2023 
  • SA – Updated the Scottish higher rate band threshold for 23/24   
  • SA – Updated the Class 2 calculation with the latest threshold value for 22/23 
  • SA – Correctly mapping business entertainment to the short self-employment pages  
  • SA – Correctly calculating capital gains tax for assets that qualify for BADR but exceed the £1m limit. 

Product update – version 2023.6.2

Legislation and annual updates:  

  • Updates to the latest 2022/23 Accounts Taxonomy    
  • Updates to the latest 2023 CT Taxonomy  

Capital allowances – Full Expensing   

The government recently announced that from April 2023 until the end of March 2026 companies can now benefit from full expensing, which offers 100% FYA on new main rate plant & machinery and 50% FYA for new special rate assets.   

In this release we have updated the product to easily identify the assets under the corresponding relief claim from which the software will automatically calculated, track and report the claim on all necessary supporting documentation.  

Research and Development – Intensive tax credits  

The government announced that the tax credit rate for SME R&D claims would reduce from 14.5% to 10%, however in addition to this the government announced a new SME tax credit for ‘R&D Intensive‘ companies, companies whose qualifying expenditure is 40% or more will be allowed to claim an SME tax credit at an uplifted rate of 14.5%.

We have updated the software to allow you to easily identify a company as an R&D intensive company and subsequently have the software automatically calculate the corresponding SME R&D claim at the uplifted 14.5%, without any additional manual calculations. This will then automatically map to the CT600 and supporting documents. 

Product update – version 2023.6.2

No significant customer features.

Product update – version 2023.6.1

No significant customer features.

Product update – version 2023.6

RDEC Rate increase

From the 1st April 2023 the rate applied to RDEC claims will be 20% this is an increase from 13%. The software has been updated to reflect this change for periods starting on/after and straddling the 1st April 2023.

2022/23 Dividend database update

Bug fixes:

  • Questionnaire – when creating a Questionnaire in either 2021/22 or 2022/23 the address for an income from property was appearing on the Questionnaire, this has be corrected for 2022/23 onwards.
  • SA100 – resolved the filing issue that was presented to users when attempting to file a SA return with data entered on the residence pages within the field Days attributed to working at midnight in UK.
  • SA100 – Employment pages were not being generated when selecting the tax return tab where this section had been added for a new client.
  • SA100 – the Total income tax due entry on the SA302 was not being displayed when selecting the tax calculation tab.
  • CT600 – Box 775 was not being populated where High CO2 cars field had been completed with the capital allowances section.
  • CT600 – Marginal Relief was not calculating correctly as it was not taking into account ABGH distributions.
  • CT600L – Box L55 was not being populated correctly based on expenditure entered.
  • SA900 – formatting issue corrected where box 21.4 was completed for a 22/23 & 23/24 SA900 tax return.

Product update – version 2023.5.5

No significant customer features.

Product update – version 2023.5.4

No significant customer features.

Product update – version 2023.5.3

Bug fix:

  • CT600 – Marginal Relief was being calculated incorrectly where the accounting period covered financial year 2023.  

Product update – version 2023.5.2

Corporation Tax RIM Artefact updates

We have updated the software to the latest HMRC RIM Artefacts. This will allow for CT600 returns that start on / after or straddle the 1st April 2023 to be submitted successfully to HMRC.  

RDEC rate increase

From the 1st April 2023 the rate applied to RDEC claims will be 20% this is an increase from 13%, the software has been updated to reflect this change for periods starting on/after and straddling the 1st April 2023.  

Product update – version 2023.5.1

No significant customer features.

Product update – version 2023.5

Bug fixes:

  • SA100 – error message presenting when attempting to run the capital gains computation.
  • SA100 – roll forward routine not bringing forward individual expenses for UK property income.
  • SA100 – mapping correction for QAHC section within Capital Gains.
  • R40 – Entering a value within “Dividend income (taxed at 7.5%) not being reflected on the R40.
  • CT600 – An error message is being present when attempting to attach accounts more than 8mb, this software restriction of accounts file size has been updated to only present where the limit of 20mb has been exceeded.

Product update – version 2023.4.1& 2

  • Price increase for non agents from 1st May 2023. 
  • Updated product to allow generation of 2023/24 returns (Individual, Partnership & Trusts). 
  • Updated the product to incorporate the 2023/24 known rates for calculation. 
  • Updated R40 form for tax year 2022/23. 
  • Updated product to allow batch generation of 2022/23 questionnaires. 
  • Restriction on the file size of accounts attached to a return has been increased to 20mb. 
  • Bug resolved – importing trial balance data from 3rd party software and pasting from clipboard.

Product update – version 2023.3 & 2023.3.1

  • Code added to prepare for migration functionality to enable data migration from the TaxFiler product to IRIS Elements. Please note that migration of data to IRIS Elements is not currently available.  More information will be issued in due course.

Product update – version 2023.2

  • Self-Assessment – Updated 2022/23 tax calculations.
  • SA100/SA900 – Estimate note removed from 2022/23 tax calculation.
  • SA100/SA800/SA900 – Ability to download 2022/23 tax return.
  • All Tax – Functionality enabled to bulk roll forward tax returns for 2022/23.
  • SA100 Mapping update – (Pension payments section) Where indicated as a one-off payment for “Payments into registered schemes and retirement annuity contacts” the entry will now map to Box 1.1 TR4 for 2022/23.
  • SA107 Mapping update – Entries made within “Dividend income (taxed at 7.55)” within the income from UK estate section will now map to box 18.1 on page T2 for 2022/23.
  • SA108 New data entry fields – The capital gains section has been updated to accommodate for gains that have arisen from a qualifying asset holding company (QAHC). Entries made within this section will be mapped to the new boxes 52EG, QG and QL of the 22/23 CG4.
  • SA109 Mapping update – Entries made to “Do you have UK income/gains deemed to be foreign under QAHC rules” within the remittance section will now map to 39.1 on page RR3 for 2022/23.
  • SA905 New data entry fields – The capital gains section has been updated to accommodate for gains that have arisen from a qualifying asset holding company (QAHC). Entries made within this section will be mapped to the new boxes 5.41EG, QG & QL of the 22/23 TC7.

Bug fixes:

  • SA100 – Mileage allowance shortfall is now correctly mapped to Box 17 on the SA102 oppose to box 20.
  • SA302 – Update to the displayed calculation to show correct breakdown of taxable incomes where capital gains have been entered.  

Product update – version 2023.1

  • SA100 – New data entry field added (From tax year 22/23 onward) to the pension payments section to cater for One off payments made into registered schemes and retirement annuity contracts. (SA100 Page TR4 box 1.1).  
  • SA107 – New data entry field added (From tax year 22/23 onward) to the income from UK estate section to cater for dividend income taxed at 7.5% (SA107 box 18.1). 
  • SA107 – Data entry field removed (from tax year 22/23 onward) from the income from UK estate section to cater for the removal of income taxed at 22% from the SA107. 
  • SA107 – Wording change to “Dividend income (After tax)” to “Dividend income (Excluding income taxed at 7.5%) within the Income from UK estate section. (Value will continue to map to box 18 on the SA107). 
  • SA109 – Wording change within the Residence section – “Days attributed to specific COVID-19 related work” is replaced by “Days attributed to working at midnight in UK when in transit”, which will map to box 11.1 on the SA109.   
  • Updated all Self-assessment SA100 forms for 2022/23. 
  • Updated all Partnership SA800 forms for 2022/23. 
  • Updated all Trust SA900 forms for 2022/23.

Product update – version 2022.14

  • CT600 – New Tick field added “Is company a very large company due to make quarterly instalments” within the ‘Company information’ section of the software, which will allow for box 631 being selected on the CT600.  
  • CT600 – Boxes 830 & 850 have been correct to exclude brought forward values for management expenses an losses on non-trading intangible fixed assets respectively
  • CT600 – R&D SME tax credit calculation updated to apportion the PAYE and NIC restriction based on period length.
  • SA100 – Tax calculation updated to include excess mileage allowance.
  • SA100 – Updated the UK property section to display property data on the tax return where an individual has more than 18 properties entered
  • SA100 – Remove validation error where net income of foreign property results in £NIL
  • SA100 – Updated tax calculation to not include gift aid charge where a Capital gain adjustment has been entered resulting in a no income tax liability
  • SA100 – Corrected Marriage allowance section to include “Details of spouse (Or Civil partner) section header.
  • SA100 – Corrected filing rejection where coronavirus payments are entered.
  • All tax – SBAs incorrectly calculated where accounting periods start in the middle/towards the end of the month.
  • Accounts – Sole trade intangible fixed assets – Notes display issue resolved.
  • Accounts – Partnership tangible fixed assets – Notes display issue resolved.
  • Accounts – Debtors note being split over 2 pages.

Product update – version 2022.12

  • Bug fix – SA900 Added label to the field “Shares in, and loans to controlled companies” on the charity information section
  • Fixed a refresh issue on SA100 Income from UK property, travel costs
  • Fixed the drill down issue on SA900, on page 3 boxes 8.17 & 8.18 did not redirect to the correct screen when clicked
  • SA103,SA104 & SA800 removing the mention SEISS for 2022/23 tax year from screens
  • Updates to meet compliance requirements of the LLP SORP effective for LLP’s with an accounting period starting 01/01/2022
  • Removed the functionality where an annual paying customer could reduce the number of licensed users during the year, any reductions in users can only be done at renewal and customers need to contact billing to reduce the number of users.
  • Additional code for MTD ITSA is being released, although not available to customers

Product update – version 2022.11

  • Increase the size of file accepted for restore

Product update – version 2022.10

  • Code release for MTD development, this is not yet available for customers.

Product update – version 2022.10, 2022.10.1, .2, .3, .4

  • Annual price update for non agent customers
  • Update for internal reporting
  • Internal fix to improve performance
  • HMRC authorisation fix has been put in place for an issue some users had when trying to disconnect from the HMRC authorisation section for MD for VAT.
  • With incorporation of v1.99 RIM Artefacts the following validation has been removed from Review & file where CT600A loans made to participators pages exist in relation to loans made on or after 6/4/2022.
  • CT600L – Enhanced Expenditure tab – Box 660 – Remove validation from periods starting 1/4/2022
  • CT600L – Review & File – Box L150 – HMRC have corrected the validation on Box L150 by removing L129 from the validation in line with the instructions on the Box on the form CT600L.
  • CT600L – Box L65 – Removed validation error message
  • CT600L – L167/L168 Removed validation from Review and File update mapping to PDF, Box L166 must be completed if ‘Small and medium-sized enterprise (SME) R&D’ section is present and the return period start date in Box 30 is on or after 01/04/2021
  • The population of box L65 has been corrected to remove the value of Step notional tax charge brought forward. As a result boxes L130 and L140 are now also completed correctly.

Product update – version 2022.9

  • Included nominal accounts for the reporting of Fair Value adjustments to investment property.
  • SA100 & SA900 Added in the rates applicable for the 2022/23 tax year
  • SA100 Added in notification of the exclusion for share fishermen, whereby if the user has Class 1 NIC earnings that reduce amount of Class 2/Class 4 due. The Reg100 Class 4 calculation uses ‘ordinary’ Class 2 max rather than the share fisherman amount. The Class 4 amount may be less than it should be. Recommendation to file on paper.
  • SA100 Added in notification of the exclusion whereby the validation rules on FSE79 & SSE34 are incorrect where terminal losses are entered as losses brought forward from earlier years set off against this year’s profits in FSE74 & SSE29. Recommendation to file on paper.
  • SA100 Update to include change to the lower profits limit as per the Spring statement. The lower profits limit is increasing for 2022/23 to £11 908.
  • CT600L Add validation message that Employer PAYE number must be included even when PAYE liability is zero
  • CT600M Fixed a bug where rolled forward values were not correct
  • The ability to reduce the number of user licenses on an annual subscription has been removed from the system, if this is required then an email to billing@taxfiler.co.uk is required as this requires manual adjustments to be made.

Product update – version 2022.8/1,2 & 3

  • Code upgrade & subsequent fixes
  • Fix to an error affecting users linked to Quickbooks
  • Fix to an error when uploading data from external software
  • Fix to an errors when uploading excel spread sheets

Product update – version 2022.7

  • Security code upgrade & subsequent fixes

Product update – version 2022.6

Updates:

  • SA100- Added “reason for exemption” to the Class 2 and Class 4 NIC screen

Bug fixes:

  • R&D Tax credit cap – fix so that when a 0 is added into the PAYE/NIC field the payable tax credit is correctly restricted to the £20,000 cap.
  • RDEC (Above the Line tax credit) – Step 3 b/fwd is now pulling through as a payable tax credit
  • SA105 – Correction to the handling of residential finance costs within the properties tab and the detailed report.
  • CT600L – Box L166 update to apportioned value in long period

Product update – version 2022.5.1

  • Dividend feed for April 2022 released.

Product update – version 2022.5

Bug fixes:

  • Resolved the issue where notes were not available to edit
  • SME R&D Tax Credit, Cap is now correctly applied in a 2022 accounting period
  • SME R&D Tax Credit, updated the losses surrendered in the Trade summary
  • SME R&D Tax Credit, updated the split of the values where a long period of account is being used
  • Update to the descriptions in the expenses section of a property record when rolling forward to the new year
  • R&D Tax Credit will now again be visible when the return is locked.
  • The detailed report for properties has been updated to reflect correctly
  • Removed the online filing error that was encountered when trying to file a CT600A where the tax payable (A65) is greater than the amount of tax owed back (A70) specifically as a result of rounding and the difference is fractions of a penny
  • Corrected the display of an ‘&’ in a company name
  • Increased the number of decimal places to be included in the Share capital note
  • Updated the farmers averaging to include SEISS correctly
  • Update to the display of the Balance sheet where it runs over two pages
  • Added Furnished Holiday Lettings EEA to the dropdown list for “Where is this income entered”
  • Removed the A [CAL1] error is encountered when claiming both Property income allowance and relief for finance costs in an individual property record for 2021/22.
  • Questionnaire updated to include Property income

Product update – version 2022.4.1

  • Fix to VAT return spread sheet upload issue

Product update – version 2022.4

Tax returns:

  • R40 forms are now available

Accounts:

  • Update to the Taxonomies for periods ending after 31/03/2022

Bug fixes:

  • CT600 – R&D Tax credit will be displayed for locked returns, this had been removed with the update to the new forms in error.
  • SA900 – Removed error that was being encountered when a Tax pool was roll forward to a new year.
  • SA900 – Update to box 3.44 in the instance where a user has more than one income from UK property and the loss of the properties exceeds the profits made.
  • SA800 – Update to the detailed report to show disallowable expenses
  • Updated the formatting for expenses on a property record.
  • Update to the questionnaire to include property income
  • Diary will be updated when a VAT return is submitted
  • SA105 – Updated to remove the apportionment of properties with an accounting period end of 31/03
  • SA100 – Update to the additional information for Seafarers deduction
  • SA100 – Corrected the calculation to include benefits that had been omitted
  • SA100 – Update to alignment of account number on the interest input screen

Product update – version 2022.3.1 and 2022.3.2

Summary of release:

Users who exceed the number of clients as stated in the package they have purchased, will be given 7 days to upgrade their package, thereafter they will not be able to submit any returns.

Updates to Self Assessment forms

Product update – version 2022.2

Summary of release:

Bug fix:

  • LLP: Removed the error message that was incorrect, customers will no longer receive an error message when profits are being retained by the LLP in Other Reserves.

Product update – version 2022.1

Summary of release:

Enhancements & updates

Tax returns:

  • Update to include 2021/2022 forms and calculations
  • Included a field to add cessation of employment, once completed this will stop an employment rolling forward to a new year, and will remove the employment from the questionnaire.
  • Added additional statuses to the status tab within a tax return, the following have been added:
    • No return requested by HMRC
    • Information requested
    • Information received
    • In progress
  • Annual Investment Allowance – £1 million maximum – Further extension to 31 March 2023
  • Changed the error message for users when their authorisation with HMRC needs to be renewed

Accounts:

  • Added additional statuses to the status dropdown for accounts, the following have been added:
    • Ready for client
    • Sent to client
    • Awaiting signature
    • Submitted to CH
  • Added the IFA accountants report

Bug fixes:

  • Fixed OOPS ERROR! message when clicking on Review & file where CT600 contains a claim to Super deduction and/or special Rate allowances if the value of total expenditure ends with a “1”, “3”, “5”, “7” or “9”.
  • Update to the Detailed Report – Assets with Private use for self-employment which was not casting correctly for balancing charge.
  • SA905 It was not possible to claim business Asset disposal relief where asset type = Other and Type of trust = Interest in Possession. This option was removed in 2020/21 in accordance with the HMRC notes to the Trust return but conflicting information found on HMRC web site. It was previously available in 2019/20 although it was called Entrepreneurs Relief.
  • Fixed an online filing schema error encountered when attempting to file CT600A pages where only the total loans outstanding value is present which creates a nil tax payable, formatting was incorrect
  • Fixed a rounding error on CT600L – Box L185
  • Fix for when the ‘Depreciation and loss/profit on sale of assets’ in Self Employment is a negative value so that it is possible to amend the disallowable amount to different value.
  • Update to the detailed report to show disallowable expenses these were previously included in the calculation, but were not showing on the detailed report
  • SA108 restricted the asset types that are eligible to claim Entrepreneurs Relief & Investors Relief
  • SA900 Update to the wording on the computation regarding capital gains tax paid and added an additional line for Capital Gains Tax calculated as overpaid
  • Update so that Electric charge point allowance populates box 1.13A on PL1 of SA801 for a Furnished Holiday let, and update to the detailed report.
  • Updated the declaration for corporations to exclude the words Self-Assessment
  • SA103 Corrected online filing error where Net Business Assets (Box 94) was zero
  • SA109 Corrected online filing error where Box 10 was zero, where there is an entry in box 11 and 11.1
  • CT600L Corrected online filing validation error which arose in respect of box L70 due to a rounding error in populating this box.
  • Added updated URL links to the help pages for Capital gains and capital losses from within the Capital Gains section
  • Made some improvements when uploading spreadsheets for VAT submissions to reduce upload errors
  • Update to the handling of unused residential finance costs for income from property abroad when carried forward to the next year

Product update – version 2021.22.

Fix to the report that shows the active clients for Startup, Solo & Pro customers

Product update – version 2021.21

Summary of release:

Maintenance update

Product update – version 2021.20

Summary of release:

Security update

Product update – version 2021.19

Summary of release:

Added a warning  if box 20.1, 10.4 or 21.6A not ticked and SEISS entries > 0 (SA100, SA800 & SA900)

Accounts:

Updated the wording in the CIMA accountants report

SA100:

SA105 Removed a validation error that was received where both a claim to rent-a-room relief and property income allowance have been claimed where multiple properties have been created.

SA800:

Update to the detailed report associated with the Trade profession data input for a Partnership, to display the disallowable expenses section correctly where the total disallowable amount is negative.

CT600:

CT600L Update to Box L70, where in certain circumstances an online filing validation error was received

Tools:

Removed the COVID report from the tools menu, as this is no longer required

Deadline diary:

The button ‘Fetch data from Companies House’ has been removed from individuals, partnerships and trusts

Added a date validation to the diary

Confirmation statement date will update when data is updated following using the “Fetch data from Companies House” button.

Product update – version 2021.18


Summary of release:

Accounts

The number of employees will now form part of the roll forward

Notes to the accounts: where creditors greater than one year contains only a single value, this value will now be underlined

SA100

Where a minister of religion has more than one instance of earnings in the year a second page can now be inserted

Product update – version 2021.17


Summary of release:

MTD for VAT

We have removed the ability to ‘Copy & paste’ VAT information for submission to HMRC as this option is no longer considered compliant in keeping digital records

Accounts

Update to the wording for the CIMA accountants report

Deadline diary

Corrected the format of the date of incorporation being pulled down from Companies House

SA100

Correction to the dividends rolled forward to a new year where the value of the dividends was changed in the prior year

CT600

In instances where a value in the accounts was transferred to the tax return, then removed from the accounts, this removal will now be updated on the tax return

Product update – version 2021.16
Summary of release:

Added in code to assist with the integration between Taxfiler & Senta. Should you have both products and wish to integrate your client data, please contact support@senta.co.uk to initiate

Product update – version 2021.15,15.1 & 15.2
Summary of release:

LLP’s

LLP’s can be submitted to Companies House online

Bug fixes:

Accounts

Within Sole trader accounts the values for the year are all shown on the right hand side, this removes the issue where when there is a single value in a section, it was being shown to the left and did not appear under the year title, making it hard to read and understand the accounts

Added fix so that new submissions to Companies House do not receive a filing error message

CT600

Added a fix to generate the CT600A when there is a value in “Total loans outstanding (including loans made in earlier periods)” in the loans summary section, within the “Loans to Participators” data entry

SA900

Corrected the description for the “Date of Commencement” on the Trade/ Profession data input screen

Product update – version 2021.12 & 2021.14
Summary of release:

SA100

SA100 Partnership Income – detailed report 

The report has been updated to include SEISS.  

CT600L

Update to the Above the Line tax credit: 

  • Correction to the Step 2 Corporation tax charge on the calculated credit to reflect the correct treatment of the amount of credit surrendered from group   
  • The relocation of the Step 3 expenditure credit brought forward field from Step 3 to Step 1 as requested by HMRC.   
  • The removal of the HMRC online filing validation that prevented the filing of a CT600L included a Step 3 expenditure credit brought forward. 

As a result of the removal of the online filing validation the change in the calculation of the Step corporation tax charge on the calculated credit is applied automatically where the Tax Return has not been locked. As the return could not be locked due to this validation if the CT600L has already been filed on paper please review the information in this data entry and consider whether there is a requirement to submit an amended CT600. This calculation change does not affect the amount of payable tax credit claimed.  

Bug fixes:

Accounts:

Accounts to Tax Return link update  

The update of values from the accounts to the tax return in respect of expenses that have a legitimate credit balance will appear correctly in the tax return. They were previously being reported as positive values. The update applies to sole traders, partnerships and Limited Liability Partnerships.  

SA800:

In cases where there is a mixed membership partnership, the tick box Q4 can be changed to reflect whether CT rules are being applied or not.

Product update – version 2021.11
Summary of release:

SA100:

The ability to do estimations for the 2022 tax year has been released

Bug fixes:

Our non agent users were receiving a message warning them that they had exceeded their licenced number of clients, this message has been removed.

Accounts:

Called up share capital in FRS102 has been amended to display on the Statement of Financial Position with the correct signage, and is not referenced to the share capital note

SA900:

The software will roll forward the tax pool carry forward value without the need to create the section Tax pool in the data input.

SA903, Box 3.41 will be populated with the amount of total losses brought forward where there are no profits arising in the year.

Product update – version 2021.10

SA100:

The view HMRC data option has been updated to incorporate SEISS grant information now available in the updated HMRC API.

Bug fixes:

CT600 online filing error occurred where the amount of foreign tax credit relief claimed equals the corporation tax liability for the year. 

SME Research & Development Tax Credit override option updated to allow the option to override the amount of surrenderable loss only to ensure the correct application of the cap on the calculated credit.

Debtors note total now reflects the inclusion of Deferred Tax entry.

Updating Tax Return from Accounts where an expense account is a credit – the error message has been removed for some expense accounts where a legitimate credit balance is permitted on the tax return. This has been resolved for Sole Traders, Partnerships and LLP’s.

Warning message for difference in Accounting period end – following the inclusion of the warning message in a previous release it was not possible to correct the problem as the warning message continued to appear. This has now been corrected.  

FRS105 Statement of Financial Position – the reference to Capital and reserves has been updated to Reserves.    

Product update – version 2021.9

Bug fixes:

Several Research & Development issues have been fixed in this release:

The amount of payable tax in respect of Research & Development Expenditure Credit was not correct due to the Step 3 credit brought forward amount not being retained.

Research & Development computation report was not generated if there was no payable tax credit arising.

The Step 2 notional tax restriction arising was not correct where the amount of the corporation tax liability being discharged was less than the tax charge on the calculated credit.

CT600 – Box 885 – Creative Industry tax credit

The amount of the payable creative industry tax credit shown in box 885 of the CT600 was incorrect where some of the tax credit was used to settle the corporation tax liability arising.

Dividend Feed 2020/21

The dividend feed has been updated to remove Property Income distributions from the feed.  

Product update – version 2021.8

Summary of release:

Accounts:

  • You will receive a warning message when the accounting period end date held in the details screen differs from the account period being entered when creating a set of accounts.

CT600:

Super Deduction and Special Rate Capital Allowances 

  • This release incorporates the ability to claim the Super Deduction and Special rate capital allowances in accordance with the change from the Budget 2021.  A new tab appears within the Main and special rate pool data entry sections within Capital Allowances for the appropriate periods to enable entry of expenditure incurred which Taxfiler will use to calculate the appropriate allowances. 

Creative Industry Tax Credit 

  • An option has been included to extend the type of Creative Industry tax credit that can be claimed. A list is now provided to allow for the selection of the appropriate Creative Industry type that is associated with the tax credit being claimed. The corporation Tax computation reports have also been updated to reflect this new selection option. 

SME Research & Development Tax credit 

  • Following the earlier release of the new cap that is applied to the amount of tax credit that can be claimed and later revision to the Legislation the cap will now only be applied to periods starting on or after 1/4/2021 and not to periods that straddle 1/4/2021. 

Bug fixes:

  • Removal of the non recognised character on email confirming subscription details when signing up.
  • Update to the validation for the AIA limit extension to £1 000 000 from 01/01/21 to 01/01/22

General enhancements:

  • Added a report for PRO users to show the number of active clients managed through Taxfiler.
  • The Active Client report has been upgraded to include inactive and deleted clients in the past 12 months.
  • A warning message will be displayed when a customer exceeds the number of clients for the package they have subscribed to, currently this is just a warning, but will be shortly be updated to restrict customers from filing when over their subscription limit.

Product update – version 2021.7

Summary of release:

SA100:

  • Inclusion of the FTSE350 dividend feed

CT600:

  • Option added to enable a claim to both Creative Industry enhanced relief and Research & Development enhanced relief to be made.”

Product update – version 2021.6

Summary of release:

  • This release is an internal fix for an API call for internal reporting and has no impact for customers.

Product update – version 2021.5

SA900:

  • Update to the wording for Q20 to reflect the changes on the tax return guide, also updated the link from within the tax return box 20.1 to take the user to the Trust register data input page

SA100:

  • Added the option to send a questionnaire to a user for completion via OpenSpace

Bug fixes:

  • Research & Development tax credits bug fix: Credit set against other liabilities – the amount of the credit used to settle other liabilities of the return such as tax due on Loans to Participators was not restricted to the amount of available tax credit.
  • Partnership accounts have been updated to show Subcontractor costs when viewing the Profit and loss account analysis within the notes

Product update – version 2021.4

CT600:

  • Included the roll forward function for the Step 2 restriction on R&D pages to be carried forward to the next period, and for the expenditure credit to be carried forward.

Bug fixes:

  • CT600 R&D In cases where a period straddles a rate change, the second rate was not being stored, this had been updated
  • CT600H Corrected the display of the UTR on page 1 box H2
  • CT600 A fix has been put in place where in certain scenarios when values were changed the fields were not refreshing automatically
  • CT600 An online error was received when trying to claim both Creative tax credit and RDEC, where box 880 was not being populated
  • SA108 Removed the option to select “Non UK residence” from the drop down selection on the disposal of an asset.

Product update – version 2021.3

Bug fixes:

  • Taxonomy update for periods ending after 04/2021
  • SA104 Partners loss and SEISS grant online filing error
  • Debtors note
CT600 update:

The CT600L is required for all claims to Research & Development tax credits for any period when submitting both amended and new CT600 returns to HMRC.

If you have an existing claim to Research & Development credits you will need to access the data entry section and click on Save changes to ensure the correct CT600 and CT600L is generated as expected

The updated version of the CT600 includes several changes:

New boxes 471 – 474 & 647 to report Coronavirus Support Scheme payments and overpayments

HMRC have made changes to the population of Research & Development tax credits boxes in the Tax reconciliation section on page 6 of the CT600 (2021) Version 3 that differs from previous versions of the tax return.

  • Box 530 – the amount of Research & Development credit no longer includes the full amount of the payable credits but is now:
    • Research & Development tax credit set off against other liabilities arising in the Return period such as tax on Loans to Participators 
    • Research & Development Expenditure Credit used to discharge the Corporation Tax liability and amounts set off against other liabilities arising in the Return period such as tax on Loans to Participators 
  • Box 570 – As a result of the limit to the values now being shown in box 530, box 570 will no longer show payable Research & Development credits.
  • Box 605 – as a direct result of the changes to the previous boxes any overpayment arising from the claim to a payable tax credit will no longer appear in this box. The payable tax credits continue to be shown in boxes 875 and 885.
HMRC Exclusion from Filing CT600L online

Please note that where a claim to Research & Development Expenditure credit includes an amount of Step 2 notional tax charge restriction brought forward or Expenditure credit brought forward from a previous period this cannot be filed online due to an HMRC system error. Taxfiler will advise when these exclusions are triggered. The correct CT600L including the brought forward values will be produced together with a detailed report of the full claim in the associated computation allowing for the correct paper submission to be made. When sending the completed return to HMRC please ensure you attach a completed WT1 form. 

Research & Development – outstanding functionality in Taxfiler

In ensuring there no additional delays to this release there are some outstanding areas of functionality that could not be included. The following areas will be addressed as soon as possible in a later release:

  • Roll forward of carried forward amounts in the new Above The Line data entry screen within the Research & Development section – the Step 2 notional tax restriction and the Step 3 expenditure credit carried forward will not be automatically rolled forward to later periods.    
Administrator rights:

An administrator can add users and allocate a license to users. An administrator is not able to remove a licence from a user this will need to be done by the primary user.

Bug fixes:
Taxonomy error:

The fix for the following error has been implemented. “The submission of this document has failed due to departmental specific business logic in the Body tag. The period to which this Return’s Accounts applies does not coincide with the effective from/to dates of the referenced Accounts Taxonomy. Please correct and re-submit”

Users who received this error will need to remove the accounts from the tax return and re-attach them before trying to submit again. If the return is locked please follow the process to unlock as described here.

SA104:

The amount of SEISS is not correctly taken into the calculation of Adjusted profit/(loss), was causing an online filing error, this has been corrected.

Debtors note:

Update to the formatting of the debtors note has been included

Product update – version 2021.2.1

  • Bug fixes:

Update for the system to calculate Class 2 NIC at 52 weeks in the year. 53 weeks was applicable for the 2019/20 tax year

Information relating to State pension will now appear on the questionnaire for people born before 6 April 1955.

Product update – version 2021.2

  • Update for users linking Xero to Taxfiler.

This change has been made as Xero require increased security and an upgrade in the authorisation process for third parties linking to their software.

Details can be found here

Product update – version 2021.1

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.

Product update – version 2020.17

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.

Product update – version 2020.16

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.