CCH Corporation Tax Version 2017.3 Release Notes

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VERSION 2017.3 – OCTOBER 2017

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Contents Release Highlights

1

Prerequisites

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1.

Legislative & Compliance Updates

2

1.1 1.2 1.3

Updated Form CT600 Creative Industries Government Gateway Transformation

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2.

Quality Improvements

4

2.1 2.2 2.3 2.4

ITS 56360 – Loans to Participators ITS 56655 – Online filing attachments are not showing ITS 56658 – Transfer of Tangible Fixed Assets from AP to CT ITS 56697 – Remuneration Unpaid

4 4 4 4

3.

Known Issues

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3.1

Losses

5

III

VERSION 2017.3 – OCTOBER 2017

Release Highlights Included in this release are: •

Form CT600 (2017 Version 3) including the CT600C and reports

•

Inclusion of the 2 new creative industries (Orchestra and Museums and Galleries)

•

An update to the Government Gateway for their transformation project

•

Support for the roll out of CCH OneClick

Prerequisites Installing CCH Corporation Tax 2017.3 This release is installed using the Central Suite Installer. This ensures that all prerequisites are in place and that all the products for which you are licenced are installed in the correct sequence. You can find out more about the Central Suite Installer here: http://www.cch.co.uk/softwaresupport/2011/resources/central_suite_installer/index.asp

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VERSION 2017.3 – OCTOBER 2017

1.

Legislative & Compliance Updates

1.1

Updated Form CT600

We have implemented the new Form CT600 and form CT600C for group relief for losses Brought forward. (Please see the known issues.)

1.2

Creative Industries

Two new Creative industry Trades, for Orchestra and Museums and Galleries are available from the drop down menu in the Profits/losses screen.

The Corporation Tax report contents menu, now displays “Creative Industry” as the trade and relief. Previously this appeared as Film Trade and Film relief.

VERSION 2017.3 – OCTOBER 2017

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1.3

Government Gateway Transformation

The current Government Gateway which was developed in 2002 is nearing its end of Life and the current arrangement and HMRC support contract ends by February 2018. The Government Gateway has been redeveloped and redesigned and replaced with a new version providing improvements to security design and usability. HMRC has built a replacement Transaction Engine to support the Government Gateway and replicate the existing Government Gateway Submission Protocol. Corporation Tax users will not see any changes within Corporation Tax as we have updated the URL for the Transaction Engine end point. The new domain for the online submission is: https://transaction-engine.tax.service.gov.uk There is no changes in user experience and online submissions will continue as normal. The aspirational date for this to go live is 13th October. Note: The existing end point is still valid until February 2018, and users should ensure that Version 2017.3 is loaded before this to ensure that live submissions continue.

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VERSION 2017.3 – OCTOBER 2017

2.

Quality Improvements

The following items have been rectified in this release.

2.1

ITS 56360 – Loans to Participators

This has been resolved by reconciling the S455 tax charge to the total loans made to all participators on the form CT600A. This was previously reconciled for the loans made to each Participator. Where there were loans made to more than two participators that ended in an odd number, and the tax charged on the loan was at 32.5% tax rate, then the CT600A did not pass HMRC online validation.

2.2

ITS 56655 – Online filing attachments are not showing

In the online filing screen and add the accounts, before invoking the pre validation option navigate back to elsewhere in the case when going back to online filing the attachments were not shown.

2.3

ITS 56658 – Transfer of Tangible Fixed Assets from AP to CT

Where the accounts entity type is FRS102/FRS105 the TFA were not being imported into Corporation Tax. Note: Where the accounts entity type is IFRS/FRS101 this will be fixed in a future release.

2.4

ITS 56697 – Remuneration Unpaid

In 2017.2 the unpaid remuneration fields were not available.

VERSION 2017.3 – OCTOBER 2017

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3.

Known Issues

3.1

Losses

The Finance Act 2017 has introduced changes for the utilisation for the majority of losses and deficits brought forward from earlier years. We will be introducing the following in 2017.4. •

Losses brought forward from an earlier Accounting Period have a maximum loss that may be offset, this is restricted to 50% of the chargeable profits plus the amount of the Deductions Allowance allocated to the company.

•

There is a relaxation for the utilisation of the losses brought forward from an earlier Accounting Period arising after 1 April 2017. These losses can now be offset against General Profits and also surrendered to group companies.

•

A new Loss Utilisation screen for the utilisation of losses made before and after 31 March 2017.

•

Update to the existing Loss Utilisation screen to include the changes for the surrender of losses made after 1 April 2017 for Group relief.

The changes are based on current draft legislation.

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VERSION 2017.3 – OCTOBER 2017