What's New 2017.1

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Overview

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

Highlights

This release incorporates a couple compliance updates together with resolutions to a number of software issues reported.

Legislative and compliance updates

ITS 55824 - Research & Development Expenditure Credit previously ATL

The references to “ATL” have been replaced with the correct reference of Research & development expenditure credit (“RDEC”) across the software including the relevant data entry windows and associated computational reports.

ITS 55919 - R&D Expenditure credit b/fwd not available for CY repayment

In some scenarios it is possible to claim repayment of an Expenditure Credit that was brought forward from a previous period. It does not apply to all scenarios.

To accommodate this a new box has been incorporated into the Tax credits data entry window within the Tax planning area.

Enter the amount of Tax credit b/fwd that is now due for repayment in the RDEC b/fwd repayable box. This amount is then included in the total tax credit claimed for repayment.

ITS 55965 - CT600 - Dividends received grossed up for dividends paid post 6/4/2016

The change brought about by the Budget 2016 in relation to dividends was not reflected in the population of the form CT600. Dividends received post 6/4/2016 were incorrectly grossed up in box 620 of CT600..

The Dividends receivable data entry window now includes a Date box. The date box will only be visible in periods that straddle 6/4/2016. The field will not be visible in periods ending before and beginning on or after this date.

 Software Enhancements

Quality improvements

.The following quality issues have been resolved in Corporation Tax 2017.1.

ITS 55830 – Participators - Repayment transaction on a b/fwd loan results in incorrect s455 relief being calculated

The amount of s455 tax relief calculated on a repayment transaction is calculated using the rate of relief associated with the date of the transaction. The date the original loan was made was not taken into account. This affects loans made in a previous period and repayment entered in a later period. It did not affect scenarios where the loan made and subsequent repayment entered in the same period of account. Therefore the issue did not affect the completion of the form CT600A.

To accommodate this scenario a new checkbox is included on the Participator transaction window. Click ere to see the detailed on how the nw checkbox works.

ITS 56040 – CT600A Online filing error  - Net s455 tax charge incorrect

Where loans made after 6/4/2016 and the value of all loans end in an odd number produces a (0.01) rounding error in the net s455 tax charge which in utrn causes a pre validation failure when attempting to submit the CT600A to HMRC. 

ITS 56075 – Participators - Loans outstanding not always correct

The value of loans outstanding at box A12 of the form CT600A is not always correct due to a rounding issue where loans ended in an odd number. The total of the loans outstanding in the grid display was correct.

ITS 55387 Non-qualifying assets – carry forward does not include disposal value

The calculated of the c/fwd did not include the disposal value where the the asset was not fully disposaed of in the period.

ITS 55564 Adjusted trading loss overridden were not taken into account

Any amounts of overridden adjusted trading losses entered in the trade summary data entry window were not correctly taken into account in the population of the CT600 and Corporation Tax computation.

ITS 55622 CT600 – Box 850 Management expenses incorrect value

The amount of Management expenses shown in Box 850 reflected only the amount arising in the period. It did not reflect amounts brought forward or any amount used against total profits of the period.

ITS 55686 – upgrade errors on installing Corporation Tax – new users only

A Batch exception error occurred when installing Corporation Tax for the first time.

ITS 55888 Online filing validation failure – Group relief dimension missing in multiple AP scenario

An Online filing error was encountered when attempting a submission that contained a claim to Group relief in the third accounting period of a period of account with three accounting periods. 

ITS 55915 Deferred Tax  module - total disposals for capital allowances grid incorrect for IFA’s

The total for the disposals column the capital allowances grid was incorrectly deducting the value of disposal for Intangible fixed Assets row when the value entered was a positive.

ITS 55918 Online filing error – Profit & loss  tagging using Charity taxonomy for 1/2/2015

An Online filing failure was encountered when the submission contained a detailed profit & loss which was tagged using the Charity DPL taxconomy. The software was incorrectly using some tags that related to the UKGAAP taxonomy.

ITS 55920 Land & property detail – calculations not updating correctly

The Adjusted profit value in the Trading income summary window was not correctly updated in the following circumstances:

  • ·        Trade type was a Property business and
  • ·        Land & Property expenses were entered using the Land & property details window and
  • ·        The Primary trade checkbox on the Trading income summary window was not ticked for this trade

ITS 55921 Capital disposals – calculation of indexation not reflected in capital disposals window

The total amount of gains seen in the Chargeable gain/(loss) column in the Capital disposals data entry window did not correctly include the amout of indexation. The calculation was not correctly updated until navigating to another data entry window which caused the associated computation reports to be incorrect.

ITS 55926 Online filing validation failure – Research & development value included pence

An Online filing pre validation failure was encountered when the the amount of Research & Development expenditure was entered using the Total type entry in the Research & Development data entry window.

ITS 55930 Online filing – Losses on unquoted shares has no dimension selected error

An Online filing failure  pre validation failure was encountered where a loss obn unquoted shares was being claimed.

ITS 55955 – Deferred Tax reports – A1 Tax Account summary and prooft of tax charge summary

The value in the current year tax charge did not reflect the amount entered in the Override colulmn in the data netry window where the amount of the override was a negative.

Any losses utilised were correctly included in the total for Other category in the Proof of Tax charge Summary report but the breakdown was not displayed.

ITS 55963 Capital disposals - Override  disposal type did not correctly populate CT600

Disposals entered using the “override” disposal type were incorrectly displayed on form CT600 if the result was a loss causing a pre validation failure within Online filing.

ITS 55972 Online filing error – Land Remediation tax credit no dimension selected

An Online filing pre validation error was encountered when attempting to submit a computation to HMRC that contained a claim to Land Remediation tax credit.

ITS 55989 Computation – NTLR debits report missing schedule reference 

The schedule number reference was missing from the NTLR Debits computational report.

ITS 56005 Unable to roll forward where large number of Short Life Assets present

It was not possible to roll forward and create a subsequent period of account where the period of acocunt contains a very large number of Short Life Asset records.  CCH Central stops working and closes.The issue arose where 704 records were present. 

ITS 56015 Online filing pre validation failure - CT600F

In some scenarios an Online filing error would be encountered related to missing information concerning CT600F Tonnage Tax supplementary pages even though the CT600F supplementary pages were not required and no information was present in the data entry area.

ITS 56047 Tax payments  - QIP’s payments made causes CT600 not to be displayed

Tax Return CT600 could not be viewed on screen, printed or exported to PDF where Quarterly instalment amounts paid equalled the amount due.

ITS 56104 Update from Accounts Production – basic link not working for FRS105

The update of information from CCH Accounts Production and CCH Corporation Tax was incorrect and did not update the necessary profit values. 

ITS 56122 – Balance sheet – additions analysis – error thrown when entering a date outside of the POA

The software would encounter an error and close when entering a date in the additions analysis data entry grid and attempting to “link” the entry to capital allowances. 

ITS 56152 & 56173 – Update from CCH Accounts Production – Masterpack 7 3 & 4 digit charts

The detailed profit & loss information from CCH Accounts Production was not updated correctly and no profit and loss information was shown in Corporation Tax.

ITS 56192 – Patent Box – Step 3 calculation adjusted profits

The value for adjusted profits shown in Step 3 of the calculation was not correct in some scenarios.

ITS 56199 Online filing process stops where tax payments match amounts due

Online filing process stops unexpectedly where the amount of tax payments made equal the amount due. This does not occur in every scenario. This is related to ITS 56047.

ITS 56209 – Online filing – Pre validation error on Box 875 having incorrect format

An Online filing pre validation error was encountered relating to the incorrect format of the value in Box 875 of the form CT600 (2015).

ITS 56280 – Online filing – Pre validation failure for first Year Tax credit payable

A pre validation failure encountered when the computation included a value for first Year Tax Credit payable because there is a missing dimension from the iXBRL tag.

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