Creating a new tax return

To create a tax return, select the client from the CLIENTS list on the Taxfiler menu. Open the client and navigate to the Tax Returns tab. Click on + New Tax Return button.

For individuals, partnerships and trusts:

  • Year select the tax year for the new return from the drop down list. The earliest year supported by Taxfiler is 2012 for individuals or partnerships and 2013 for trusts and estates.
  • Type choose the type of return from the drop down list. For individuals you can choose between completing form SA100 or form R40. The selection can be changed after creating the Tax Return. Click on the Create button.
  • Your reference Enter your reference for this return. The reference will default to the client code.

A new window opens within the returns menu

For companies:

  • Start of period Enter the start of the period
  • End of period Taxfiler will auto populate this field, start and end dates are mandatory. Note that the accounting period cannot exceed 12 months.
  • Type only one form type is supported i.e. CT600. To complete a CT600 short form, you can specify that you want a short form when inputting the Company information for the Tax Return.
  • Your reference Enter your reference for this return. The reference will default to the client code.

Automated roll-forward of existing data

When you click Create, a new tax return will be created. If a previous year tax return already exists (or a previous accounting period for corporate returns) then applicable data will be carried forward from the previous record.

  • Most sources of income will be carried forward to the new year (e.g. employments, trades, pensions, bank accounts etc.)
  • Information for each source that is not tax year specific (e.g. descriptions, quantities, dates) will also be carried forward.
  • Applicable dates will be adjusted accordingly (e.g. accounting period start and end dates will be moved forward one year).
  • Carry forward balances will be transferred into the applicable brought forward fields (e.g. Losses, opening balance, overlap relief etc.)
  • Capital allowance pools and assets with positive written down values will be brought forward and writing down allowances will be calculated.
  • Calculated payments on account will be transferred to the payments made screen of the new tax year.
  • For companies with long periods of account where adjustments have been input and apportioned for the first accounting period of the long period, creating the second accounting period will also transfer all the trade balances and calculate the apportioned values for the second period.

Items that will NOT be rolled forward

  • Amounts that are specific to the new year (e.g. P60 figures, profit/loss figures, bank interest received).
  • Sources that have ceased (e.g. trades, partnerships, employments etc. which have cessation dates prior to the new tax year).
  • Capital Gains disposals (although brought forward losses will be retained).
  • Capital allowance pools or assets with a zero written down value.

Bulk creation of multiple tax returns

A tool is provided to allow the bulk creation and roll forward of multiple tax returns. Read more….

Using income losses against capital gains

Firstly, please ensure that you are making the best use of the losses before proceeding. Select the Capital gains tab from the data input screen Click on the Disposals tab, and enter the relevant information Click on the Capital Losses tab, and enter the amount of loss that you wish to set off against the […]

Read More

Restricting access to clients

This feature is only available for multiuser accounts, it has been designed so that you can restrict user access for certain clients if required. Users with “edit client access” rights AND who have access to a client can assign or remove access rights via the Access tab on the client screen. The default is that […]

Read More

User restrictions within Taxfiler

This function is only available for a multiuser license. Some functions within Taxfiler can be restricted from a user. From the SETTINGS icon select Users and select the user that you wish to edit Select Restrictions tab You will be presented with several functions which can be selected or removed via a tick box. For […]

Read More