What's New 2016.1

Last modified 14:59, 12 Apr 2016

  

Overview

This page highlights the changes to CCH Corporation Tax for this release. 

Highlights

The key areas of enhancements and new features introduced in this release are:

  • Update from CCH Accounts Production - FRS101/102
  • Tax Return Status
  • Tax Return and Computations comparison after IR Mark henerated but prior to submission to HMRC
  • Creative Industries - update to include Theatre, Television and Video Gaming trades
  • CT600A Loans to Participators - continuation pages and other quality improvements
  • Earlier periods of account - ability to amend start and end dates and deletion
  • Pension Contributions - Other Movements
  • Turnover - automated population
  • Losses utilisation - Losses Transferred in  
  • Retail Price Index - update

Software Enhancements

Updates from CCH Accounts Production for FRS101/102

This release now incorporates the ability to update Tangible fixed asset note information from CCH Accounts Production for the FRS101,/102 and IFRS entities. 

Tax Return Status

The ability to create and update the status of the tax return is now incorporated into CCH Corporation Tax. The status of all Returns can be easily tracked using the new Homepage control which allows for filtering of results to suit your requirements.

CCH Reporting has been updated to include a Tax Filing Status report which can be run for any period.

Tax Return and Computation IRMark comparison

This release incorporates a comparison tool. where client information has changed between the generation of an IRMark and revisiting online filing there is a comparison tool that will highlight the changes on both the CT600 and supplementary pages together with associated changes on the computation.

Creative Industries - Theatre, Television and video gaming trades

The Film trade area has been updated to incorporate Theatre (Touring and non-touring), Television and Video gaming trades allowing for the claiming of related Tax Credits. Please see the relevant topic in help for further information. 

CT600A Loans to Participators - continuation pages and other quality improvements

CT600A Loans to Participators area has been significantly enhanced to include the following:

  • Production of continuation pages
  • Deletion of participators and transactions
  • New report layout providing clearer information

Earlier periods of account - amending dates and deletion

In response to feedback, it is now possible to edit the POA start and end dates for earlier periods of account. In addition, these earlier periods can be deleted without the need to delete the latest period of acocunt. Please see the relevant topic in Help for further information.

Pension Contributions Other Movement

The Pension Contributions data entry window has been enhanced to include a new field for Other Movements.  This field enables the Cfwd amount to be adjusted without creating a tax adjustment for the movement.

Please see the relevant topic in help for further information.

Turnover - automatic completion

The turnover data entry field is now located on the Trading Income summary window. The field will be completed by automatically completed when using the update from CCH Accounts Production or when manually creating a Profit & Loss. The turnover for a period of account will be automatically time apportioned across all trading accountnig periods in a multiple accounting period scenario. 

Losses utilisation - Losses Transferred in

Losses transferred in field within the Losses Utilisation window is now located immediately following the B/fwd and B/fwd override columns. The value of losses transferred in are automatically set against profits of the periods..

RPI updated

The Retail price index has been updated for the period July 2015 through to January 2016.

Quality improvements

.The following quality issues have been resolved in Corporation Tax 2016.1.

R&D Tax Credits

ITS 53349 Pence included in the calculation causing online filing error

In some scenarios pence was being included in the calculation of the tax credit which caused an error when attempting to submit the CT600 to HMRC.

ITS 54351 Additional validation warning messages required

Two additional warning messages required to show:

  • Loss surrendered for R& D Tax credit is greater than the maximum available and
  • A tax credit is claimed but loss surrendered is removed

ITS 54516 Incorrect calculation of the mount available for Group surrender

The amount of ATL tax credit available for group surrender was not correctly calculated.

ITS 54519 R & D ATL Tax credit – Adjusted profit report

 There was a difference of £1 on the calculation of the Adjusted profit where an ATL tax credit was claimed. This arose due to a rounding error.

CT600A - Loans to Participators

ITS 53589 CT600A – Continuation pages not supported

The production of CT600A Loans to Participators supplementary pages was limited to a single copy and did not support multiple continuation pages.

ITS 53905 CT600A – Ability to override system calculated b/fwd value

It is not possible to override the system calculated loan brought forward value for the second and subsequent periods of account.

ITS 54322 CT600A – unable to delete Participators

It was not possible to delete Participators from the CT600A data entry window.

Computation and Notes

ITS 54577 Computation notes – Profit & Loss analysis

It was not possible to add or edit notes in the Profit & Loss analysis data entry window.

ITS 54821 Computation – Adjusted trading result   report not displaying loss b/fwd

The Adjusted trading result report did not correctly display the losses brought forward and used where the trade ceased during the period.

ITS 54885 Computation notes – Appendix A not being generated

The appendix A containing non report specific notes was not being produced where the only note was added on the Trading income summary window.

ITS 54919 Computation – Tax liability report fpr second accounting period

A single underline was not displayed for the second accounting period in a multiple accounting period scenario.

Online filing

ITS 54797 Online filing – window does not open and displays an error disposal type

The Online filing window did not open correctly and displayed an error in the following scenario:

  • A tagged Profit & Loss account was included in the computation
  • The period of account was greater than 12 months
  • The period straddled 1/4/2015

ITS 54880 Online filing – computation pre validation error for capital disposals

The electronic submission failed during pre-validation where the number of capital disposals extended over more than one page of the computation.

Capital Disposals

ITS 54501 Capital disposals – total of chargeable gain/(losses) incorrect

The calculation of the overall chargeable gains/(losses) as seen on the capital disposals summary data entry window did not correctly include the indexation arising on the disposal for the last row in the list. The value was correctly calculated if the period of account was closed and reopened.

ITS 54793 Capital gains summary - doubling of values when using Override

The Capital gains summary window doubled the total chargeable gains or losses where the disposal type Override was used.

Tangible fixed Assets and AIA 

ITS 54630 AIA – Main pool qualifying expenditure incorrect

The value for AIA qualifying expenditure displayed in the AIA data entry window was incorrect where the expenditure was derived from capital items expensed entry made either through a link to the Profit & Loss or from the Additions analysis in the tangible fixed asset note.

ITS 54801 AIA qualifying expenditure incorrect where Tax value used

The amount of the qualifying expenditure displayed in the AIA data entry window was incorrect where the entry in the additions analysis data entry area contained a Tax value.

ITS 54631 Tangible fixed Asset note – update from CCH Accounts Production

The update of Tangible fixed asset note information did not bring through any information where the accounting period in CCH Accounts Production was not the latest accounting period present.

General

ITS 54361 Pension contributions – ability to make adjustments to the c/fwd value

It was not possible to enter an amount to adjust the automatic calculation of the c/fwd value.

ITS 54510 Client address, UTR and registration number – update into CCH Corporation Tax

Client information within CCH Central was not being automatically updated into CCH Corporation Tax when added or amended.

ITS 54729 CT600C supplementary pages – Page 2 group surrender company name

The company name on page 2 of the form CT600C was completed when no group relief surrender claim was being made. This did not prevent a successful online submission.

ITS 54720 Prior periods of account – unable to delete or amend dates

It was not possible to delete or amend the start and end dates for a prior period of account.

 

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