Business Tax

Digita Business Tax software brings more power to your practice. It will calculate basis periods, assessable profits, overlap profits and capital allowances for both sole traders and partnerships.

You can enter overlap profit figures and overlap days from a specific point in time, which means that business details do not have to be entered back to the commencement of the trade, they can be entered from a point which is convenient to the user. The module produces the Partnership Self Assessment Tax Return form SA800 and all supporting pages.

Partnerships of up to 200 partners are supported and larger partnerships can be supported on request.

In the cases of the basis period and assessable profit calculations, the Business Tax module can calculate the figures for commencement and cessation of trade and change of accounting date situations for both sole traders and partners. The module also supports the HMRC concessionary treatment of accounting year ends that fall between 31/3 and 4/4.

You can convert a partnership of one remaining partner to a sole trader and vice versa and use the HMRC concession on basis periods in that situation.

In the case of capital allowances calculations, all the major pools are supported and short life asset pool transfers to the main pool are handled automatically. Capital allowance claims calculated by the module can be overridden if needed. The situation where a partner has personal capital allowances and personal expenses is also fully supported, which is invaluable when dealing with 'professional' partnerships.