Self filing of Ltd Company Tax return?
Discussion
Wondering if any owner of a Ltd company has had a go at filing their tax return themselves using the HMRC software on their site (not the paper CT600)?
Bit of context, I am winding up my micro entity business due to retiring and the fact it's not making anything now (final trading year has resulted in a loss again) and has a very small turnover.
When I mentioned my intention to my accountant a few months ago he said it was something I can do myself and it was simple and that I can "cut my losses if I do it myself".
Anyway, I've prepared accounts and got myself to the point where I believe I can submit final tax return to HMRC then go through the process of closing the bank account and the striking off process through Companies House.
Just to get a look at what's involved with the tax return I had a look at the form CT600 and it looks extremely daunting - I am wondering if when going through the HMRC site to use their software (like I do with Self Assessment) it is any easier?
Is it something a non accountant can do or really does it need to me to go back to him and admit I'm not up to it?
Bit of context, I am winding up my micro entity business due to retiring and the fact it's not making anything now (final trading year has resulted in a loss again) and has a very small turnover.
When I mentioned my intention to my accountant a few months ago he said it was something I can do myself and it was simple and that I can "cut my losses if I do it myself".
Anyway, I've prepared accounts and got myself to the point where I believe I can submit final tax return to HMRC then go through the process of closing the bank account and the striking off process through Companies House.
Just to get a look at what's involved with the tax return I had a look at the form CT600 and it looks extremely daunting - I am wondering if when going through the HMRC site to use their software (like I do with Self Assessment) it is any easier?
Is it something a non accountant can do or really does it need to me to go back to him and admit I'm not up to it?
Do you know what figures go in what boxes?
It sounds like there isn’t much to enter but the trick is knowing where the few figures should go.
To be honest, as the accountant seems to have prepared the relevant accounts, it shouldn’t be too difficult for him to finish the job and submit the tax return too.
And don’t forget the need to submit accounts to Companies House.
It sounds like there isn’t much to enter but the trick is knowing where the few figures should go.
To be honest, as the accountant seems to have prepared the relevant accounts, it shouldn’t be too difficult for him to finish the job and submit the tax return too.
And don’t forget the need to submit accounts to Companies House.
Eric Mc said:
Do you know what figures go in what boxes?
It sounds like there isn’t much to enter but the trick is knowing where the few figures should go.
To be honest, as the accountant seems to have prepared the relevant accounts, it shouldn’t be too difficult for him to finish the job and submit the tax return too.
And don’t forget the need to submit accounts to Companies House.
Cheers Eric, to news honest I’ve prepared them accounts by following his model and method from last year.It sounds like there isn’t much to enter but the trick is knowing where the few figures should go.
To be honest, as the accountant seems to have prepared the relevant accounts, it shouldn’t be too difficult for him to finish the job and submit the tax return too.
And don’t forget the need to submit accounts to Companies House.
There’s really are just a handful of figures, the mower complex being the two items that are in the books for depreciation ( computer and camera stuff) but you’ve got the Mail in the heads, that CT600 looks horrendous and if their software is like that I might as arm just gone up and go a further £500 into red! Thanks god your help
Depreciation is generally not an allowed cost for tax purposes and is replaced in the tax computations by Caoital Allowances.
In my view, unless a business is completely dormant, tax computations are best done by people who know what they are doing.
Accountants train for years to get their qualifications and are obliged to keep up to date with tax and regulatory changes.
In my view, unless a business is completely dormant, tax computations are best done by people who know what they are doing.
Accountants train for years to get their qualifications and are obliged to keep up to date with tax and regulatory changes.
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