April 2024 United Kingdom

1.191

1.032

1.002

CT600 2024 has now been added to the software replacing the 2023 version in FY22 and FY23.
New changes include new boxes for full expensing as well as the Electricity generator levy.
The separate version of the form for the REIT has also been replaced for FY22 and FY23.
New version of form CT600M for Freeports has been added.

CT600 box 760 now includes SR 50% FYA expenditure.

New warning added when character "/" included in company name on CFC sheet.
Where company has no taxable profits but either a bank levy or CFC charge HMRC validations means that boxes 330 to 345 need to be completed.

Validations updated to ensure CT600B is developed when required by HMRC.

Warning amended for R & D credit cap exception, condition B expenditure to ensure amounts do not exceed 15% of qualifying expenditure.

Certain adjustments amalgamated on Investment business analysis sheet where they come from the same sheet (FY23)
Additional marup added to RPDT sheets for where group relief has been surrendered (FY22 & FY23)
Box 528 on CT600 now no longer displaying where there are no values in boxes 526 and 527 (FY22 & FY23)
CT600L no longer needs developing where company receiving RDEC from another company but no other R & D adjustments made (FY22 & FY23)
Notes on RDEC sheet now efile correctly (FY22 & FY23)
S171A Validation error now fixed (FY22 & FY23)
Small changes to the CT600L so the zero's output from the sheet match the xml submitted (FY22 & FY23)
Updates to the xml to ensure earlier versions of the CT600 file with the latest schema.

Analysis sheets added to allow further detail on Hybrid transactions in boxes B70 to B85 on CT600B

Latest schema now included within the software.

Update made to ensure that amended efling submissions could be made to HMRC for non sterling calculations

You will now be advised to develop the CT600N if the information in your computation requires you to submit it. Additionally, you will also be advised to erase the CT600N if it is not required, but it is present in your file.

From FY2023 onwards the only version of the form available to the user will be the latest one.
So, for the next release any FY23 computations will have the 2024 version of the CT600
Where the user has developed the 2023 version of the CT600 we will replace with the 2024 version.
This will be done via template upgrade so the user will not need to erase and redevelop.
For FY2022 that will default to the 2024 version of the CT600 form, but the user will still be able to develop the 2022 version.
We will continue with this approach so ultimately the user will be able to go back 6 years with the latest version of the form.

If a disposal takes place on the Super-deduction expenditure, Full expensing expenditure, SR allowance expenditure or Special rate FYA expenditure sheets and either a date of disposal or a disposal value is entered, the carry forward qualifying expenditure amounts are adjusted accordingly. Previously a date of disposal had to be entered for the qualifying expenditure c/f to be correct.
The Additions analysis sheet has been updated so that the columns for Full expensing, Super deduction, SR allowance and SR 50% FYA assets are not visible until those sheets are developed into the computation. This matches the behaviour of the other capital allowance sheets.

We have updated the main pool and special rate pool for 2022 and 2023 files so that the small pools allowance is not automatically applied if the remaining balance is £1,000 or under. The normal WDA will continue to be applied unless a claim for the ""Small pools under CA2001 s56A"" cell at the bottom of the sheet is completed with the amount you want to claim.

Updating the FYA columns so that they are not hardcoded to be 100%.
Correcting the formula in the "Total TWDV transferred" column on the transfer out sheet. The column has also been renamed to "Total TWDV transferred out".
Ensuring the WDAs are still calculated on the transfer of trade out sheet when the user enters a cessation of trade date on the Adjustment of profit sheet.
Adding in cells for "Disposal proceeds" for the transferee on the Transfer of trade out sheet.
Swapping the order of the disposal proceeds for transfer and transferee on the Transfer of trade in sheet to be consistent with the Transfer of trade out sheet.
Adding in additions cells for the non-pooled assets sheet section in the Transfer of trade in sheet.

The capital allowance summary has been updated so that balancing charges and balancing allowances on "Other allowances" are shown separately, whereas previously these were netted off.

Updates made to the software to update certain references to Special tax cites rather than Freeport or Investment zone.

Warning added to the group file to develop the Group deductions allowance transfer sheet when there are amounts to be pushed down.

The group module has been updated to ensure all capital allowances flow to the group module capital allowances summary sheet.

Changes to the group RDEC sheet to help ensure claims do not exceed the correct amounts and make the detail easier for the user to follow.

Switches added to group module to allow user to exclude individual entities from the REIT financial statement sheet.

The group module has been updated so that where a company has overlapping periods with the group, each period will show in the group module. This may mean that you have to manually review the figures to ensure the correct proportion is included for your purposes. A review note has been added to all the "A" sheets in the group module to remind users of this.

If the selector

Group module - within simplified arrangements?

is set to

Yes

on the Permanent information sheet, the total group relief pushed down from the group module will now appear on one row in the Group relief claimed/surrendered sheets in the entity files. You will then need to add in your own suitable "

Name

" and "

UTR

" to that row in order to satisfy e-filing requirements. Previously, all the individual details (name, tax reference etc.) for each company that was claiming/surrendering group relief was pushed down from group to the entity files, but that level of detail is not required if the group is under a simplified group relief arrangement. This change has been made for 2022 and 2023 files for both group relief of current period and carry forward losses.

The three year loss carry back allocation statement has been removed from the group module as this is no longer applicable.

The Tax calculation summary sheet in the group module has been updated to ensure all relevant Coronavirus support scheme overpayments are included, where relevant. The changes have been made for 2022 and 2023.

The

Losses and surrenderable amounts

sheet [P7] has been updated so that the the maximum amount of section 105 losses available to surrender correctly takes into account amounts already offset against total profits.

Warning added to group module to warn the user when Group deductions allowance has been updated at group level but not within the entity.

Claims added to allow users to carry forward non trading deficits, brought forward, without set off in the current period.

Display change to ensure the correct rows show when gains are made within the ring fence and small changes to the EOGPL sheets to correcting text and allowing reporting from the sheets.

The utilisation of RDEC sheet has been updated to ensure the 49% credit is allowed.

Various updates made to the marginal relief calculations for both ring fence and non ring fence companies to ensure calculations correctly deal with leap years.
Added two decimal places to the upper and lower limit calculations to ensure marginal relief calculations match with HMRC.

EOGPL losses sheet
Super deduction expenditure sheet
SR allowance expenditure sheet

A new column for impairments
New columns for non-allowable amounts (depreciation, impairments and disposals)
Changes to the layout of the sheet, including the addition of section headers, to make the sheet clearer

Printing the tax rates at the bottom of the Prior year adjustment sheet for both IFRS and FRS102
Not printing the "Provision at period end" row on the Movement in deferred tax assets and liabilities (I1A) sheet when that section in empty
Ensuring the "Structures and buildings - calculate timing difference?" selector rolls forward to the following period

Provision details added where group relief surrendered for carried forward losses as per HMRC guidance.

Adding a warning to alert the user where they have changed a sheet name and they need to adjust one of the analysis sheets accordingly.
Automatically rolling forward the "REIT summary information" sheet and the "REIT Total tax exempt profits" sheets for FY 21 files. This had already been done for FY22 and subsequent years.

Software updated so that where no amounts, or only prior year amounts, have been included on an analysis sheet then that sheet will not show in final.

Amended the REIT total tax exempt profits sheet to remove the row for group relief surrendered as this is not applicable here. Also made the group relief claimed data entry to avoid any claims for other trades being included.

When group relief surrendered is pushed down from the group module to the "Group relief surrendered" [P10] sheet, you no longer need to manually allocate amounts between the different types of losses, this is done automatically.

If you change the Group module - Within simplified arrangements? selector on the Permanent Information sheet to Yes, you will now be alerted to the fact that you must also go to the Return information sheet and state if you are under an SGRA for group relief, c/f losses, or both.

Group relief claimed sheet is now fully reportabe.

You can now develop multiple instances of the Car leasing rental restriction sheet. This helps if you need to track some cars leased under IFRS16 and some that are not, or if you wish to track different leases separately. Please note that to enable us to do this, the data in your FY2022 computation will not automatically roll forward to FY2023. You will, however, see an error on any rows on the D sheets where "Car lease restriction" was selected and this gives a hint that you need to reinsert the sheet (and then it will just be a case of copy and pasting the limited data over).
Data can be imported both where you have a single instance of the sheet and also where there are multiple versions of the sheet.
The reconciliation to income statement is now in the column to which it reconciles to, the "Lease payment/rebate" column. This should make the layout of the sheet more understandable to the user.

Small working changes.
Removing unnecessary rows.
Correcting formatting issues.
Ensuring the correct display options are availabe for Full expensing, super deduction and special rate allowance on the disposals sheet.
Removal of Energy saving P & M allowances following their withdrawal.

R & D enhanced expenditure sheet ensuring any notes will e-file correctly.
Standaridization of the CT rate format across different sheets.
Adding xml name for Step 5: Surrendered as group relief.

Site volume validation added to waste disposal sheet.
Xml changes added to the change in basis sheet to help with import.
Tool tip aded for CT600L in sheet developer menu.
xml markup added to Double taxation relief row on tax calculation sheet
Updates to tax calculations to ensure the correct answer where company has EOGPL or supplementary charge.
Where multi trade company has an investment business this can now be linked to an investment company on the Investment in subsidiaries sheet.
Ensuring amounts are correctly brought forward on Loans to participators sheet for amounts released or written off.
Various small changes to the Miscellaneous income sheet.
Corrections to ensure creative losses roll forward in multi period comps.
Theatrical production relief core expenditure updated to 25%.
Updated the roll forward on the EOGPL losses sheet.

Credit interest calculation amended to ensure where QIP amounts are paid early interest would only be calculated from the day the QIP was due.

Other allowances sheet updated to pick up date of cessation of investment business and adjust automatically.

Business column for trade choice and reconciliation now removed as they are not required as the sheets will be trade specific.

The total of the Small and medium-sized enterprise (SME) R&D section at the bottom of the Utilisation of RDEC sheet has been updated to pick up the current period RDEC figure only, rather than including the b/f step 3 restriction.

Ensured that the REIT summary information sheet and REIT total tax exempt profits sheet roll forward from year to year.

When the transfer pricing sheets were linked to group the company reference coming through to the transfer pricing sheet was the company itself rather than the company with whom the adjustment was made this has now been rectified.

Platform functionality has been improved so that when you add manual links to cells on other computation sheets (for example linking cells on the Tax basis balance sheet to the underlying computation sheet figures), the links to these sheets are preserved on roll forward and work correctly in the following period.

The configuration of line items for the tax accounting sheets has been updated so that all the work is undertaken in the configuration screen rather than a mixture of there and on the Tax rates and options sheet. On the configuration screen, you now enter your line item description, column display and the existing heading you want it to replace. When you then Insert and Line item and choose the relevant one, it will insert into the tax accounting sheets automatically and will be ready to use on the relevant sheet.