Step 1: Access the Returns Dashboard
Navigate to the Reports tab and select ‘Income Tax Returns’.
Segmented Views: If you are required to submit multiple return types (e.g., Trading and UK Property), these will be displayed in separate tabs at the top of the screen.
History: All previously submitted or drafted returns for the selected type will be listed here for your records.
Step 2: Add a New Return
Click the ‘Add New IT Return’ button to begin.
Category Warning: If you have not fully configured your Income and Expense categories, a warning message will appear. While this does not strictly block you from proceeding, we highly recommend selecting ‘Review Categories’ to ensure your categories are mapped correctly before continuing.
If there is information needing to be entered, such as a missing National Insurance number, then this will need to be entered before you can create a return.
Selecting Your Period: Select the relevant Tax Year and Quarter.
Step 3: Calculate and Review
Once the return is created, click the Yellow Pencil Icon to open the draft.
At the top of the return, you will see a summary including the Period Dates, Status, and Submission Deadline.
Run Calculations: Click the ‘Calculate’ button. The return will automatically pull all transactions from that period based on your category mappings and calculation basis.
Verify Figures: Review the Income and Expense columns. For Trading returns, ensure your Disallowable Expenses are showing correctly in their dedicated column.
Audit Your Data: You can click on any amount to drill down to the transaction level. This allows you to see exactly which entries make up the total, ensuring every penny is accounted for before it is sent to HMRC.
Step 4: Submission
After verifying the figures, follow the on-screen prompts to authorise the digital link with HMRC and submit your update.
Important: The Year-End Requirement
TELUS Farm Accounting is designed to manage your four mandatory quarterly updates.
Please remember that these updates do not replace your final tax obligations. You will still need to work with your accountant or alternative software to complete the:
End of Period Statement (EOPS): To account for adjustments like capital allowances.
Final Declaration: Due by 31 January following the end of the tax year.