UK - July 2025
ONESOURCE Corporate Tax v18.0
Release summary
This release provides new packs supporting computation and group templates for periods ending in Financial Year 2025 (FY 2025). Updates to some computation template packs for periods ending in Financial Year 2024 (FY 2024) are also included.
Full details of the new and updated template packs included in this release can be found at Computation and template packs released.
We have included a number of legislative updates, details of which are included in the notes that follow:
- Update to the creative tax credits rates from April 2025
- Update to the benchmark price for the Electricity generator levy
Also included is support for the 2025 computation and detailed profit and loss taxonomies, as well as one or two general improvements as a result of feedback.
As a reminder, this is the final year that we will be releasing new template packs for the legacy ONESOURCE Corporate Tax software. Version 18.0 supports accounting periods ending up to 31 March 2026. Accounting periods ending after that date are supported on the web-based ONESOURCE Corporate Tax software.
These notes are structured to focus on the key functional areas of change, rather than specifying the changes made to each of the individual modules. Unless otherwise stated, changes have been made to all computation types.
A full list of the updated computation template packs included in this update can be found at Computation template packs released.
Updates: Finance acts and other changes
Area of change | Details and limitations |
|---|---|
Creating files with periods ending after 31 March 2026 | We disabled the early build functionality for periods ending in FY 2026 and later, so it will not be possible to create early build files for periods ending after 31 March 2026. As stated above, periods ending after that date are supported on the web-based ONESOURCE Corporate Tax software. If you need any assistance, please contact the customer support team. |
Computation template packs for FY 2025 updated to 2025 computation taxonomy | We have updated all FY 2025 computation template packs to support the 2025 computation taxonomy. We only add new tags/concepts introduced by the taxonomy where relevant, and where it is practical to do so. |
Computation templates for FY 2025 updated to use the DPL from the FRC 2025 taxonomy | The DPL is no longer managed by HMRC and is now included within the FRC core taxonomies. For periods ending after 31 March 2024, income statements need to be tagged using the DPL contained within one of the supported FRC core taxonomies. When the tagging wizard is run for a computation with a period ending after 31 March 2025, ONESOURCE now adds the tags/concepts from the DPL contained within the FRC 2025 core taxonomy. |
Updated creative industry tax credit rates | From 1 April 2025, the rates of Theatre Tax Relief (TTR), Orchestra Tax Relief (OTR) and Museums and Galleries Exhibition Tax Relief (MGETR) are permanently set at 45% (for touring and orchestra productions) and 40% (for non-touring productions). We added additional rows to the Creative industries relief sheet to allow pre and post 1 April expenditure to be entered, as when the period straddles the change in rate it is necessary to treat it as two separate periods for the purposes of claiming credit. The loss for the accounting period is time-apportioned pre and post 1 April, although the pre-1 April value can be overwritten if required. A validation has been added where an excess credit is claimed pre-1 April 2025. The trade and multi-trade computation template packs for FY 2025 include the updated sheet. |
Additional credit for visual effect costs | You can now claim an additional credit for visual effects on the Creative industries expenditure credit sheet. You will need to enter the additional credit manually due to the complex nature of the calculations involved. Any calculations supporting the amount of the claim will need to be undertaken and disclosed separately. The trade and multi-trade computation template packs for FY 2025 include the updated sheet. |
New benchmark price for the Electricity generator levy from 1 April 2025 | The new benchmark price for FY 2025 has been added to the Electricity generator levy sheet. Where the period straddles the change in the benchmark price, the relevant Megawatt hours for each period are entered in the relevant ranges, and the Generation receipts will be calculated and used to calculate exceptional receipts. The trade, investment, multi-trade and oil ring-fence company computation template packs for FY 2025 include the updated sheet. |
Support for the merged RDEC scheme applying to both SMEs and large companies | Support has been added for the merged RDEC scheme that applies to both SMEs and large companies to the Life computation template packs. The R and D expenditure credit sheet has been amended to take account of the tax credit cap that is to apply at “step 3” of the RDEC set-off calculation, where the period begins on or after 1 April 2024. Details of the Relevant PAYE and NIC liabilities of the company are entered at the bottom of the sheet, and used to calculate the tax credit cap. For periods beginning prior to 1 April 2024, the Total expenditure on workers included above value will continue to be used to calculate any restriction. The Applicable rate of CT for period, applying at step 2 has also been updated to ensure that the small profits rate is applied where profits are less than the marginal limit or where there is a loss, otherwise the full rate is applied. The proprietary and mutual life computation template packs for FY 2024 and FY 2025 include the updated sheet, and an error is added to the sheet in existing FY 2024 life files where the updated sheet may be required. |
CT600L box L75 – HMRC error and temporary workaround | As noted in the release notes accompanying the April 2025 content update, we identified an issue with the CT600L where the tax credit cap exception applies. After nearly 12 months HMRC finally acknowledged this at the end of March and set out a workaround on their website, but do not intend to provide a permanent solution until April next year. Due to the late response from HMRC, we were unable to incorporate this workaround into the April 2025 content update. We have now included this workaround for all trade, multi-trade, proprietary and mutual life computation template packs using the CT600 (2024) and CT600 (2025). |
Release deployment
Hosted customers
- The update for ONESOURCE Corporate Tax v18.0 will be deployed by Thomson Reuters as part of our hosting services for ONESOURCE Corporate Tax users over the weekend beginning Saturday 12th July. We will minimize the downtime required for this update.
- For further details relating to the scheduled maintenance, including the start time and end time of the maintenance, access our system status page. ONESOURCE Corporate Tax is currently identified as Corporate Tax (legacy) [EMEA] and can be found under our “Direct Tax” applications.
- If you would like to receive emails to notify of updates to our status page, you can subscribe through our status page. We recommend you use a modern browser such as Chrome, Firefox, or Edge to set your subscription preferences. Review more information about our new status page.
Self-hosted enterprise customers
- The update for ONESOURCE Corporate Tax v18.0 will be made available by Thomson Reuters via a secure download site during the week beginning Monday 14 July.
- Installation instructions along with other relevant documentation will be included in the download file.
Non-hosted customers
- The update for ONESOURCE Corporate Tax v18.0 will be made available on Monday 14th July. You can download the setup files from the Thomson Reuters download site.
- Installation instructions along with other relevant documentation will be included in the download file.
- If you are unable to install the updates via the OCT application, please contact the customer support team.
Computation packs released
Computation pack | Computations, claims, and forms supported |
|---|---|
Corporation tax, AIF, Investment trust and Life | New computation template packs for all computation types covering periods ending in FY 2025:
Updated versions of all corporation tax computation template packs above, with the exception of AIF and Investment trust covering periods ending in FY 2024. Which support, where required, the following Corporation tax return forms and supplementary pages:
|
Standalone tax accounting | Updated computation template packs covering periods ending in FY 2025 for entity and group tax accounting/provisioning only calculations. |
Group | New group module templates covering 12-month periods ending in FY 2025 for the following group types:
|
Petroleum revenue tax | New templates for periods ending December 2025 and June 2026, covering the following:
Supporting the following return forms, statements, claims, and notices:
|
Related Content
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Release notes for legacy desktop version
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