Corporation Tax, Online Submission Hi, I am doing my company accounts online (HM Revenue online submissions form) and am having a problem with the Statutory Notes on Taxation. I know I do not need to pay any tax as I made a small loss both this year and last. I need help however filing in the notes form as I do not know what the boxes are asking for and how tax losses create an allowance to the following year. (Note: I did not fill in this form last year when I perhaps should have done, this year the form asks for figures from last year as well as last.) My request is that you tell me what figures I should fill in the boxes and a layman's description of what the figure actually is. Please note that the company has only been running for 2 years and I have filled in the Profit or (loss) on ordinary activities before taxation. I will be online all day and therefore can provide any other information you need. Form Boxes (note the AC numbers are the box codes from the form): UK Corporation Tax: AC108 £______AC109 £_____ Deferred Tax: AC110 £______ AC111 £_____ Tax on profit or (loss) on ordinary activities: AC112 £_____ AC113 £_____ Profit or (loss) on ordinary activities before taxation:AC325 £_294____ AC326 £_447____ Profit or (loss) on ordinary activities before taxation multiplied by the rate(s) of corporation Tax applicable: AC327 £_____ AC328 £_____ Please enter any factors affecting the tax charge in the fields below. Expense not deductable for tax purposes: AC227 £______ AC228 £______ Accelerated capital allowances: AC229 £_______ AC230 £______ Any other adjustments: AC231 £______ AC232 £______ Current tax charge or (credit): AC233 £______ AC234 £______ Please enter any additional information, such as the standard rate of tax for the current period and the previous period in the field below.: ____________________________
Hello, if you have any questions or need further clarification after reading my answer please let me know.
Please advise ..
Company turnover for the accounting year ... was it over or under £6.5m
Are you trying to file the return on HMRC site?
Hi, Yes I am.In theory it should be fairly obvious. I suspect that I am just going to need to put a 0 in most boxes but I am pretty sure that if yo have a loss one year it can be offset against profit the next and I assume that this is where I need to fill in details around that.
turnover was under £6.5
thank you for your response
I have filed many of these returns using HMRC website and you are first case where you are making reference to these boxes.
If I were you , I would start again and tick right boxes. I have never had to complete the boxes you have identified. I doubt you have adjustments for deferred tax (resulting from timing difference on capital allowances etc) You have already stated you never completed this section last year ... keep it simple.
You are right, any losses in the year would be available for offset against future profits.
When you reach the section Computations ...opt for "DO you want to use the computations service?" and also ensure you have completed section dealing with trading losses...
If you need more information please let me know.
Hi,I need to fill in the form on the website in order to submit the tax return.
Thank you for your response.
You should login to HMRC site using your ID and password XXXXX download CT600. You can then complete the whole form and keep saving it before final submission.
If you get stuck, come back to me with follow up questions. I have a copy of the form on my PC and we will work together to get it right.
Relist: Incomplete answer.The question I asked was not answered. I needed to know how to fill in a form and the answer given was essentially. "I don't know".
Thank you for your response..
I do know how to fill the form as I provide this service to my clients as their accountant.
If you are using HMRC site then you should be able to download the return on your PC for completion. If that is not possible, start filling it on the website and opt for filing abbreviated accounts and if you have questions come back to me
You can file CT600 (short) return form
More detailed information about who can use the online CT600 (Short) return form and what information you can report using the accounts and computations templates is available at: www.hmrc.gov.uk/ct/ct-online/file-return/use-hmrc-software.htm
FCCA - over 35 years experience as a qualified accountant
Hi,Sorry,I have downloaded the form. This is where I got the questions from.You may well provide this service to your clients, and I do not mean any disrespect but I need answers to my question and you are yet to tell me how to fill in the section of the return that I have pasted into the question.I went through the HMRC website and that is why I came here to this site.Im sorry, but having used this site before and got a very vague answer, I was very specific this time about the information I needed. I am not happy to pay £20 for the answers you have given as they do not answer the very specific question that I asked. Sorry.
Hi,On further review of your assistance, I believe that you were correct in your initial response. Please accept my apologies for my hesitancy and thank you for your help. I will accept your answer and authorise payment.Thank you for your help.Sam