Table of contents
- Software Enhancements
- Software Enhancements
This page highlights the changes to CCH Corporation Tax for this release.
The key areas of enhancements and new features introduced in this release are:
- New fixed Asset Register - update of asset information from CCH Fixed Asset Register
- Patent box - stepped calculation
- Land Remediation Tax credits
- Estimated flag - ability to indicate where estimates have been used
- Capital Allowances for mutual trading entities
- Tax Journal - posting of an adjusting audit journal
- Research and Development - enhancement to data entry
- Deferred Tax module - enhanced user experience
- Management Expenses capital allowances - full pool disposal and balancing allowances
- Budget 2016 - s455 Tax rate change for Loans to Participators from April 2016
- Main rate of corporation Tax change for FY2020
- Retail Price Index - update
CCH Fixed Asset Register
A link to the new fixed Asset Register is now present within Corporation Tax. The asset additions and disposals can be updated directly from the Fixed Asset register into the Additions analysis area of the Tangible fixed Asset note.
The icon located on the new ribbon bar will not be accessible unless your practice is licensed to use the fixed Asset Register. Please contact your Account manager for information.
If your practice has already been licensed then please use the link below to the Fixed Asset Register online help for further details.
Patent Box - stepped calculations
The Patent Box data entry area has been significantly enhanced to include the stepped calculations for both the standard (formulaic) and streaming methods.
The Patent Box claim can be made manually or by completing the information for each step from which the system calculates the relevant IP profits.
If desired, you can suppress the detailed stepped calculation from showing on the tax computation. Additionally, if the details are completed in the steps, for example to check the result of the calculation, you have the ability to retain the data entered but not use the calculated IP profit figure.
IP losses are recorded in loss memo section of the summary window.
The stepped calculations do not include the changes to the regime which are contained in Finance Bill 2016.
Please refer to Online Help for detailed information on how to use this new functionality.
Land Remediation Tax Credits
The ability to surrender losses arising from Land Remediation expenditure is now incorporated into CCH Corporation Tax.
The Estimated checkbox located on each data entry area within CCH Corporation Tax has been made available. The data navigator will indicate where estimated checkbox has been set and a summary of all areas where this has been used is also available.
Capital Allowances for Mutual Trading entities
The Capital Allowance summary has been updated to incorporate the facility to claim a percentage of the overall Capital Allowances arising for mutual trading entities. Please see the Capital Allowances topic in help for further information.
This release incorporates the ability to post the Tax Journal as an adjusting journal to CCH Accounts Production.
Research and Development
In response to requests it is now possible to enter the total values of any claims for Research and Development in the summary in addition to entering the claims by a grid.
Deferred Tax module - enhancements
The Deferred Tax module has been enhanced to provide greater automation and analysis.
- Tax rates pre populated based upon the average rate calculated by CCH Corporation Tax for each period
- Ability to override this calculated rate
- Current tax reconciliation - a number of items provide a simple drop down to provide analysis of the total value and hyperlinks to the source of this information
Management Expenses - full disposal of pools
The Main and special Rate pool data entry windows have been updated to include a new check box entitled Full disposal? This will allow for the calculation of balancing allowances that may arise on these pooled assets.
Budget 2016 changes
- Main rate of Corporation Tax for Financial Year 2020
- RPI updated for the months of March through to May 2016
- Loans to Participators - change in tax rate
This release now incorporates the change in the tax rate for loans made to participators on or after 6 April 2016.
We have also implemented changes for the calculation of relief for loans repaid within 9 months from the end of the accounting period. The repayments are offset in priority against loans made in the accounting period on or after 6 April 2016 and then any balance is then offset against loans made before this date.
CCH Corporation tax does not maintain an historical record of the individual loans made to participators together with details of any s455 tax paid to HM Revenue & Customs. Following the change of rate of tax it is not possible to provide an accurate figure of any repayment due to the company. We therefore provide an estimate of the potential tax repayment due to the company based on the original loan attracting a tax rate of 25%.
.The following quality issues have been resolved in Corporation Tax 2016.2.
ITS 54693 Online filing – unable to view some scanned PDF documents
Scanned PDF documents and attached to online submissions could not be viewed from within online filing. This occurred primarily where the scanned PDF document was created using HP Multi-function display models. The document was however correctly sent to HMRC.
ITS 55217 CT600 Box 205 – incorrectly completed for Management Expenses
Box 205 was incorrectly completed with the value of miscellaneous income arising from management expenses balancing charges where the income was covered by other losses arising in the period.
ITS 55218 Management expenses – unable to claim balancing allowances
It was not possible to claim a balancing allowance arising on the main and special rate pools.
ITS 55221 Tax journal – foreign tax credit relief double counted
The value for foreign tax credit relief was being deducted twice when calculating the amount of the tax journal to be posted to CCH Accounts Production.
ITS 55266 Central reporting – Research & development option misspelt
The “p” was missing from the Research & development title as seen in the list of available fields within Central reporting module.
ITS 55273 Fixed asset additions removed following update from CCH Accounts Production
Information entered within the additions analysis area within the tangible fixed assets was removed when updating from CCH Accounts Production. This occurred where asset additions had been entered into the analysis area before performing the first update from CCH Accounts Production.
ITS 55275 Computation – adjusted trading result rounding error on taxable ATL tax credit
In some scenarios the adjusted trading result did not display the correct taxable ATL tax credit. The amount was not being correctly rounded.
ITS 55284 Profit & loss – warning message relating to capital items expensed
In some circumstances a warning message was being shown advising that the per accounts amount was not correct. This occurred where capital items expensed had been linked from multiple analyses within the profit and loss.
ITS 55285 Profit & Loss and UK property business – unable to view CT600
It was not possible to view the form CT600 where there a completed Profit & loss incorporated into the period of account together with a UK property business where the check box Populate the profit/(loss) before tax per accounts was ticked within the Land & property detail area.
ITS 55309 Online filing – Error when using FRS102 DPL taxonomy and periods before 1/4/2015
An error was encountered and it was not possible to submit a computation to HMRC where the period commenced prior to 1/4/2015 and contained a Profit & loss account tagged using the new FRS102 taxonomy.
ITS 55311 Disallowable depreciation box not read only
The disallowable depreciation box within the disallowable adjustments window was no long read only following the update from CCH Accounts Production for the 4 fields. It was possible to enter a value in the field but the changed value was not saved.
ITS 55396 Central reporting – Research & development expenditure
When running a report that included details of research and development expenditure multiple rows including duplicates would be displayed.
ITS 55402 CT600 box 1 – drill down navigating to incorrect data entry window
When drilling down from box 1 of CT600 it navigated to the individual trade summary data entry window. It should have opened the Trading income summary window.
ITS 55406 CT600C Group relief surrender – excess management expenses
Box C75 was being incorrectly completed with the value of the surrender of excess management expenses instead of the correct box, C70.
ITS 55456 Deferred Tax module – tax account summary – brought forward override
The brought forward override value within under/over provided row in the Tax Account summary was not saved and entry was lost when the Tax return period was closed.
ITS 55536 Computation – contents page missing references for capital gains detail reports
The contents page was missing page numbers relating to capital gains detail reports. The capital gains detail reports were also missing schedule references.