News -
May 2010
Product Updates:
The update this month is very much focused on improving the tax calculation
capabilities. Not only does this update include the recently announced support
for automatically calculating the furniture wear & tear allowance, but also
support for calculating property tax using the accruals accounting method as
well as the cash accounting method.
Basically, with this update the tax worksheet really does
make calculating your property tax incredibly easy. It collects all the
information in one place and presents it in a way which means all that's left to
do is the final review and adjustments.
Anyway, here's the list of things added to achieve this...
New -
Automatic calculation of furniture wear & tear allowance in the tax worksheet
Previously you had to manually calculate the wear and tear
allowance and enter the value into one of the boxes of the tax worksheet. With
this update, the tax worksheet can now automatically calculate the furniture
wear & tear allowance for you.
New -
Support for both Cash and Accruals accounting methods
There
are two methods that can be used to
calculate your annual UK property income
tax: Cash Basis or Accruals Basis (aka
Earnings Basis). The
tax worksheet now
supports both accounting methods.
With the
Accruals Basis, the tax worksheet will
calculate the taxable rent income by
looking at what rent was due,
automatically apportioning any rent
periods which span two financial
periods.
New -
Support for splitting expenditure across multiple financial periods
In order
to support the Accruals accounting
basis, it is now possible to split an
expenditure record across two financial
periods.
New - Export
of tax worksheet to excel
The tax
worksheet can now be exported to excel
allowing you to store a permanent record
of the data or easily share it with your
accountant.
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