S455, increase in rate and tax softwares

Anyone's software working?

Didn't find your answer?

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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Red Kite
By Red Kite
07th Sep 2016 15:37

It would be useful to know who the software provider is?

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By fiona_howells
07th Sep 2016 16:05

I was wondering if providers other than ours were working? We use Digita and I now know that they wont be ready for this change for a while yet.

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By Tim Vane
07th Sep 2016 17:59

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.

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By leicsred
08th Sep 2016 09:01

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.

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