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Below are the new features and changes introduced in Sage Taxation 2022 Update 2.
|Basis period reform|| |
Basis period reform affects the way that trading income is allocated to tax years. With effect from the tax year 2024-25, the assessable profit or loss of a business will be based on activity in the actual year, rather than on an ‘accounts year’ basis. Transitional provisions apply for 2023-24.
We’ve updated Sage Business Tax to include both the transitional rules and the switch to actual basis. We will include basis period reform updates for both Sage Partnership Tax and Sage Personal Tax in our next full release, due in Spring 2023.
|Non-resident capital gains tax gains qualifying for Business Asset Development Relief|| |
HMRC has issued revised instructions, clarifying how a gain on land or property made by a non-resident which is also a qualifying Business Asset Development Relief asset should be shown on the capital gains summary pages.
We have updated our software in accordance with these instructions. See our Knowledgebase article for further details.
|Capital allowance end dates||We have updated the software to take into account the cessation of Electric charge point allowance for periods starting on or after 6 April 2023 and to remove zero-emission cars and zero-emission goods vehicles from 2025.|
|HMRC Exclusions and Special Cases|| |
We've updated our validation processes and information about Special Cases and Exclusions, in line with the latest HMRC advice.
|SQL Express|| |
We have updated our advice about the compatibility of Microsoft SQL servers with Sage software. Please note that SQL 2017 does not support 32-bit operating systems.
Outlined below are the new features introduced in Sage Taxation 2022 Update 1.
|Capital allowances: Zero-emission cars and Freeport Structures and Buildings||The Self-employment and UK property sections now enable you to enter claims specifically for Zero-emission cars and Freeport Structures and Buildings.|
|Student loans||We've updated the Student Loans page to allow you to identify repayments under plan 4. This is in addition to the existing plan 1 and 2 Student loans and Postgraduate Loans.|
|Updated forms for compliance for 2021-2|| |
This release includes the 2021-22 Self Assessment forms for individuals, partnerships and trusts.
|New Personal Tax landing page|| |
Check out our new Personal Tax landing page that provides access to:
|Tax Calculation||The latest version of HMRC's 2021-22 tax calculations for individuals and trusts have been included. We're continuing to work with HMRC to help ensure their tax calculations are as accurate as possible and that any cases which are calculated incorrectly are identified as Special Cases or Exclusions.|
|Online filing||2021-22 returns for individuals, partnerships and trusts can be filed online from 6 April 2022. The software includes HMRC online filing validations, along with the latest Special Cases and Exclusions.|
|Company cars||We've updated the 2022-23 company car rates to allow you to estimate car and fuel benefits for verification of amounts in PAYE codes or for payroll benefits.|