2007/2008 tax return

Support topics

2007/2008 tax return - self employment pages

Changes
The formats of the profit and loss account and balance sheet in the 2007/2008 self employment tax return have changed. The change does not apply to partnerships, which still use a format identical to the self employment pages for years before 2007/2008. The boxes appear in a different order, but otherwise there is a one-to-one correspondence between the old and new boxes with the following exceptions:

There is no longer an Other direct costs box
Motor expenses and Travel and subsistence have been combined in a new Car, van and travel expenses box
There is a new Other current assets and prepayments box
The descriptions of the boxes have changed slightly

There is also a short form of the return which has a sub-set of the boxes in the full return in a different order yet again (if you have amounts for the missing boxes they are included in the Other allowable expenses box).

VT Final Accounts
The formats of the profit and loss account and balance sheet for sole traders in VT Final Accounts have traditionally followed the formats used by the self-employment tax return. These formats will be updated in the forthcoming July 2008 edition of VT Accounts to match the new tax return. However, many users may wish to continue using old workbooks with the old formats.

VT Transaction professional edition
The Tax Data menu contains a command to print out the profit and loss account and balance sheet in tax return format. This product has been superseded by VT Transaction+ and hence the formats in this product will not be updated.

VT Transaction+
The Tax Data menu contains a command to display/print the profit and loss account and balance sheet in tax return format. These formats will be updated in the July 2008 edition to match the new tax return.

Tax packages that support the generic Standard Name Format (SNF) method for transferring data from accounts packages to tax packages (Drummohr, Legatio, Forbes, Keytime, PTP, QMS, Taxcalc)
This standard (which is controlled by VT Software) has been updated so that you can export from any version of an accounts package to the 2007/2008 version of tax packages.

Digita Taxability Pro
You can export the profit and loss account from the old VT Final Accounts to the 2007/2008 tax year, but doing so for the balance sheet produces an error number 13. This will be fixed in the July 2008 edition, and an advance copy of this part of the update will be made available shortly for downloading.

Please note that VT Transaction+ does not support the export to Digita, and the old VT Transaction is no longer being updated (and so will still suffer from the above problem). Can any user persuade Digita to use the generic Standard Name Format?

PerTAX
PerTAX use a proprietary name based format for importing data from a text file. This format has been changed very slightly and the updated link will be included in the July 2008 edition.

Please note that VT Transaction+ does not support the proprietary method for exporting to PerTAX, and VT Transaction is not being updated. Can any user persuade PerTAX to use the generic Standard Name Format?

Taxpoint
Taxpoint use a proprietary format based on tax return box numbers for importing data from a text file. This format has been changed (and now includes a mixture of old and new tax return box numbers) and the updated link will be included in the July 2008 edition.

Please note that VT Transaction+ does not support the proprietary method for exporting to Taxpoint and VT Transaction is not being updated. Can any user persuade Taxpoint to use the generic Standard Name Format?

Adjustments and capital allowances
It was possible to export adjustments and capital allowances from VT Final Accounts if you customised a workbook with this information. This feature is no longer supported.