The Ftax team are working on a low-cost MTD for IT solution to be launched April 2026. Contact us for further information.
The Ftax team are working on a low-cost MTD for IT solution to be launched April 2026. Contact us for further information.
Yes. The Ftax VAT form will adapt its display depending on whether the imported HMRC VAT period dates are monthly or quarterly.
The VAT period details are imported from HMRC when the VAT Registration Number (VRN) is entered and whenever the VAT page is opened. The ‘Next’ and ‘Previous’ buttons on the VAT page can be used to scroll through the quarterly or monthly reports.
Each Ftax MTD VAT package includes all VAT submissions for the year, whether that consists of 4 quarterly submissions or 12 monthly submissions.
Initially, when purchasing in April, the Ftax CT600 will allow tax filing for accounting periods up to the March 31st just preceding that tax year.
HMRC usually update their CT600 tax filing requirements during September/October.
The Ftax CT600 will then be updated to allow tax filing for accounting periods up to the March 31st at the end of that tax year.
This upgrade is free so long as the tax year Ftax CT600 credits have been purchased.
The Ftax form itself will clearly state the latest accounting period end date that may be submitted using that form version.
There is a mistake in HMRC’s calculation for a number of tax payers with incoming Marriage Allowance Transfers.
HMRC have stated the following:
HMRC Exclusion 105
For most customers MAT_IN is retained and the SA tax calculator correctly re-allocates reliefs and allowances to be
able to do so. However, for customers who have dividend income that is in the nil band that would otherwise be
taxable at both basic rate and higher rate the Marriage Allowance transfer amount of £238.00 (£1,190 x 20%) is not
retained when the calculator should be allocating allowances to reduce dividend income in that would be in the basic
and higher rate band were it not for the dividend allowance nil band.
An example is a customer with MAT_IN, Employment (EMP1) £50,495, Savings (INC2) £45, Dividends (INC4) £997 and
Gift Aid £4,145 (£5,945 gross). The MAT_IN is disallowed and the SA tax calculator sets PA £11,850 against non-savings.
The liability is £7,729.00. By setting PA £997 against the dividend income MAT_IN is retained and the liability is
£7,690.40, a difference of £38.60.
Note that for MAT_IN to be retained there can be no dividend income in the higher rate or in the higher rate nil band.
However, there can be savings income in the higher rate nil band (but none in the higher rate). In this example there is
£5 in the higher rate nil band.
The number of customers affected is tbc
The maximum a customer will have overpaid as a result of this is MAT_IN £1,190 x 20% £238.00 minus amount of PA re-
allocated to dividends x 20%. In this example that is £238.00 minus £199.40 (£997 x 20%) = £38.60.In these circumstances a paper return should be filed.
The Ftax SA100 identifies and alerts customers affected when you click Calculate. If you are affected it is recommended that you file a paper return.
Yes. The new Ftax SA100 Web form will initially be available alongside the old PDF version. You may use either version but we advise you to migrate to the Web form version as soon as you are able. The Ftax SA100 PDF will be automatically available from April 2023. If you need the PDF form, please create a support ticket.
Adobe Reader is setup to automatically update periodically when you are connected to the internet. There is no preference within Reader which allows you to change this behaviour.
If you wish to, one way to stop the updates for Windows10, is:
1. Click the Windows Search box (the question mark) and type ‘services’ then click the Services App to open it.
2. Right-click the ‘Adobe Acrobat Update Service’ in the right hand pane of the app and select ‘Properties’ from the menu that appears.
3. On the ‘General’ tab, change the ‘Startup type’ to ‘Disabled’, then click ‘Apply’.
4 Still on the ‘General’ tab, click the ‘Stop’ button to stop the service.
5. Click ‘OK’ to close the dialogue box then close the ‘Services’ app (click the X in the top right).
To re-start the automatic updates for Windows10, the process similar:
Yes. A series of videos, guides and FAQs will be made available.
Any data from the previous year Ftax PDF form may be imported into the new SA100 Web form. In future, previous year Web form data may be imported into the current year Web form. Data may also be forwarded from the current PDF SA800 and Cashbooks into the SA100 Web form.
A company can offset a trading loss against other profits made in the same accounting period. Any remaining losses may then be offset against the total profits of the previous 12 months. Trading losses may also be carried forward to set against the trading profits of subsequent periods.
Following the 2021 budget, trade loss carry back has been extended from the current 1 year entitlement to a period of 3 years, with losses being carried back against later years first. This extension will apply to trading losses made by companies in accounting periods ending between 1 April 2020 and 31 March 2022. Further details are given here.
The Ftax Company forms may be used to manage losses in order to reduce tax liabilities and claim tax rebates. This is done via the tax returns themselves, a trading losses worksheet, and iXBRL Computation files produced by the forms.
Further details are given in this FAQ:
How can the Ftax Company tax return be used to carry back trading losses?
There are also boxes in the Company tax return to manage losses from UK property businesses, intangible fixed assets, loan relationships, and unquoted shares. Details can be provides in the Notes section on the Profits Worksheet page which will be included with in the iXBRL Computations file.
Further details on how to declare losses in the Company tax return are give here and in in the HMRC Notes. You are recommended to read this information as it is your responsibility to complete the tax return correctly in accordance with HMRC requirements.
Yes. When an SA100 credit is allocated against a UTR for a given year, it will work with both the PDF and Web form.
The Ftax team intend to move all Ftax forms to the Web form format over the next two years. The CT600 Company tax return will be next.
Yes. All data currently held on the Ftax servers will continue to be available.
Click the ‘?’ in a red ball, select the bottom option, and log into your Ftax Account again.
Then, clear the UTR and enter it again to ensure a credit has been allocated and a tick appears to the right of the UTR.
Then submit again.
Yes, as the new SA100 Web form does not need to be set up or logged in to your Ftax Account. The submission process is also easier to follow. Otherwise it works in a similar way to previously.
You can check the availability of HMRC’s Making Tax Digital VAT platform using the link below:
HMRC have recently changed their specification to accept a wide range of non-alphanumeric characters, and a password length of greater than 12 characters.
Ftax are in the process of updating their forms to the same HMRC specification. We expect to have this work completed by April 2021, ready for the new tax year’s forms.
In the meantime, please ensure that your HMRC password contains only alphanumerics and is no longer than 12 characters. To change this, you need to use your HMRC account.
There are a few tax circumstances where the HMRC tax calculation gives an incorrect amount of tax due.
These vary from year to year, as problems are fixed and new ones arise.
HMRC publishes a set of Exclusions which define these circumstances and give a recommended workaround (commonly, the workaround is to submit a return on paper).
If your tax return fits into one of these categories, you will be alerted when you calculate your tax and the workaround will be suggested. Ftax will not prevent you from submitting the incorrect data, but your return may be rejected by HMRC, or you may be paying the wrong amount of tax if you do.
HMRC have stated:
“Where a personal return cannot be filed online for a reason listed below [an Exclusion] , provided that a paper return is delivered on or before 31st January following the end of the tax year to which the return relates, HMRC will accept that the taxpayer had a reasonable excuse for failing to file a paper return by the normal 31st October deadline. A reasonable excuse claim should accompany the paper return.”
There appears to be a problem with the latest versions of Acrobat Reader 2021.001.20135 and 2021.001.20138 which causes Ftax forms to run slowly at times, or not to respond.
If you install a previous version of Acrobat Reader, this problem will be overcome.
To install a previous version (Windows users):
First, uninstall your current version of Acrobat Reader.
1. Click the start menu and right click Acrobat Reader DC.
2. From the menu that pops up, select Uninstall to access the Programs and Features control panel.
3. Select Adobe Acrobat Reader DC from the list of programs and click Uninstall from the top to start the uninstall process.
4. Follow the windows prompts until the software uninstalls.
Second, Download and install a previous version of Acrobat Reader from Adobe.
1. Open a Windows Explorer/File Explorer window (press Win+E).
2. Click to select the Address bar.
If the Address bar isn’t visible in Windows XP, choose View > Address Bar
3. In the address bar type the address of Adobe’s software storage:
ftp://ftp.adobe.com/pub/adobe/reader/win/
for windows, or
ftp://ftp.adobe.com/pub/adobe/reader/mac/
for mac, and press enter.
Note: This is a Windows Explorer/File Explorer window not a browser window.
4. You should be presented with a file structure of previous versions of Reader.
We have identified that the problem does not occur if you use AcrobatDC 2001320064.
If you wish to download and install this version, open the ReaderDC folder, then open the 2001320064 folder and copy the file AcroRdrDC2001320064_en_US.exe to your computer by dragging it onto your desktop (or other location). This is the english language version, other versions are available.
5. Once the file is downloaded onto your computer, double click the file to start the installation, and follow the Adobe prompts.
Don’t forget, you will need to follow the setup checklist again with your new software:
What should I check before using Ftax? (Ftax Setup Checklist)
If Acrobat Reader updates to the latest version and Adobe have not fixed this problem, you will need to follow this process again.
If you have any problems uninstalling Acrobat Reader, Adobe have produced a tool called AcroCleaner to help:
https://www.adobe.com/devnet-docs/acrobatetk/tools/Labs/cleaner.html
It appears that AVG and Avast are incorrectly identifying some Ftax pdfs as malicious (reporting code JS:Pdfka-gen [Expl]).
Below is a brief description of the situation followed by steps you may wish to take to continue using Ftax.
We routinely scan all our files internally and have identified no problems.
We have submitted affected files for further scans to http://www.virustotal.com (which is owned by google’s parent company). This site aggregates the results of a wide range of different virus checkers and showed that only very small number of the 62 virus checkers it uses, identify the problem.
An example can be seen here:
We reported samples to the affected vendors as false positives. One of the vendors has already responded stating that the detection was incorrect (AVG) and that they will be updating their software as a matter of urgency. We expect the others to follow suit.
If you are affected, and you wish to stop the behaviour, you can exclude specific websites and files from being scanned.
For example, AVG users
For example, Avast users
https://support.avast.com/en-gb/article/Antivirus-scan-exclusions/
We would also encourage you to add the pdf file to your Quarantine/Virus Chest and submit it as a false positive to AVG/Avast Threat Labs from there
For example, AVG users
https://support.avg.com/SupportArticleView?l=en&urlName=Use-AVG-Quarantine&supportType=home
For example, Avast users
Trading losses may be carried back to set against previous year profits by completing and submitting the current year Company tax return and Amending the previous year tax return as follows:
Complete the current year form:
1. Tick box 45, “Claim or relief affecting an earlier period”.
2. Complete the Losses Worksheet including the Losses to Carry Back box.
3. Generate the iXBRL Computation file and reattach.
4. When the return is complete, submit as New (unless it is being amended).
Update the previous year form:
1. Tick box 40, “A repayment is due for this return period”.
2. Enter the corporation tax previously paid in box 595, “Tax already paid (and not already repaid)”
3. Complete the Losses Worksheet with the losses carried back amount entered in the Losses Brought Back box.
4. Regenerate the iXBRL Computation file and reattach to the return.
5. Resubmit the tax return as an Amended return.
For a limited period, losses can be carried back two further years. Further details are given in the FAQ:
Yes, in that the new SA100 Web form still looks very similar to the HMRC form.
Transfer data using a .csv file. Details on how to do this are given in the FAQ ‘How do I export my VAT report from my spreadsheet as a .csv file?’.