New CT600L Research & Development supplementary pages and more in the latest update to TaxCalc
28th Apr 2021
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Every year our teams work tirelessly, bringing you the latest compliance updates to ensure you’re fully prepared for the new 2020/21 tax year. Despite lockdowns and working 100% remotely, this year has been no exception. In fact, TaxCalc for 2021 is smarter, more robust and better than ever.
As well as timely compliance updates, our recent March release provided a number of major enhancements (many as a direct response to your requests) that will improve your day-to-day efficiency. We’ve now introduced a number of updates and improvements for April, keeping you seamlessly in line with changes announced in the March Budget.
Update to R&D computation summary to include Expenditure Credit calculations
Keeping you compliant, we’ve updated the Corporation Tax computation in line with the introduction of the CT600L Research & Development supplementary pages. These now include Expenditure Credit calculations where the R&D Supplementary pages have been completed.
Alert to paper file for HMRC calculation exclusions
When HMRC identifies an issue with its online calculations, it releases exclusions. If a tax return is affected by an exclusion, it’s likely that the tax liability is incorrect, or is not able to be filed online. We have included the latest exclusion: No. 128 – which affects the calculation of top slicing relief where losses have arisen. If a return meets these exclusion criteria TaxCalc will notify you.
If a return is affected by an exclusion, you can paper file the return, even after the 31 October paper filing deadline. TaxCalc will generate a reasonable excuse form to submit along with the return to avoid filing a penalty for not filing online.
New Super Deductions for Capital Allowances
The March budget saw the introduction of the new Super Deductions for Companies for capital purchases in the General (130%) and Special Rate Pools (50%). We’ve included new fields and validations to enable claims, and made the relevant additions to the Corporation Tax Computation.
Copy of memorandum of association
For improved record-keeping, along with the certification of incorporation from Companies House, you’ll now also receive a copy of the memorandum of association which will be displayed within Company Incorporator. This update has been added before the 19 May go live date.