I have today just finalised a CT return for a client with a YE of 30 April 2016 - there were several participator loans in the year, one of which had a date of 30/04/16. Looking at the tax comp tax is only calcuated at 25% and not the new rate of 32.5%
After many calls etc I've discovered that our software provider is aware there is change needed in both their software and HMRC gateway. I was just wondering if everyone had this issue?
Thanks
Replies (4)
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My understanding is that HMRC will not have their own systems in place to handle the new rate until October/November, and so cannot accept returns with the new rates. I assume that most developers will release new software before October that includes the relevant rate changes.
I concur with the last post, Iris told us the same, it isn't the software providers issue it is HMRC implementing the changes at their end from what they say.