Micro Entity Corp tax submission - possible to do myself...?

[BusinessBandaid]

Hi guys

I have micro ent ltd company whose income was around 11,000 last year. I only had one client and I am the sole shareholder and sole director. I paid myself a directors salary rather than PAYE.

The contract I had was going well until March last year, in which COVID pretty much had it finished.
I haven't claimed any loans and wasn't eligible for furlough as I wasn't PAYE.

My accounts are due in May and I would like to know if I can submit the CT600 myself?
I understand the principles of accounting pretty well.

I have kept my transactions and invoices pretty well, and as I am a micro, is it a case of filling in the CT600 correctly with correct totals in correct accounts, or do I also have to submit my Excel spreadsheet and scans of the receipts for proof of these numbers?

I am confident I can do this, but would like some additional input from more experienced as this is my first return.
I can create a P&L if needed as well as balance sheet, but for a micro I've been told this isn't required?

Any advice would be great guys

Thanks

[northernladuk]

But you aren't doing it yourself. You are asking us.

Get an accountant to do one for you. Hang on their shirt tails and ask a ton of questions. When you've sure you've got it then do it yourself next time? Use them as a learning platform and bleed them.

Why do you want to do it yourself? Do you not have an accountant or just fancy a go at it?

[ladymuck]

Have a read of this. Tells you the requirements for a micro company and if you click through you'll get to details of the CATO system for auto filing.

https://www.gov.uk/annual-accounts/m...mant-companies

[Kugel]

It is easy to do if you know what you are doing. But you should get an accountant. You confuse CT600 with annual accounts.

[saptastic]

If the accounts are very simple and you have everything give it a try. Company accounts and CT600.
For the ct600 Log in to your HMRC gateway and give it a try.
I have done it many times for plan b limited and the software is easy to use as long as the accounts are very simple.
No harm giving it a try as if it goes wrong don't submit at the end and pay the accountant

[BusinessBandaid]

Thanks for the advice guys

ill probably give it a whirl as I’m pretty confident about it. Like posters have said, if it goes wrong it goes wrong.

Thanks again

[northernladuk]

Thanks for the advice guys

ill probably give it a whirl as I’m pretty confident about it. Like posters have said, if it goes wrong it goes wrong.

Thanks again

What other aspects of your accounting are you doing yourself?

[creativity]

I got an accountant for first two years than moved over to online (freeagent) and completed all returns myself (corp, vat, personal). Its all very straight forward, especially so as i had two example years from my accountant. Moving to freeagent was a bo brainer and thier tools are always improving (no need to calculate depreciation for example).

[oilboil]

Of course you can do it yourself, the question you should be asking is "should I do it myself?"

The fact you are asking a bunch of faceless contractors suggests you might not understand it as well as you think/hope you do.

Whilst the Companies House filings does not need a balance sheet or profit and loss accounts (just the headline figures), the associated Corporation Tax return does - so you'll need to create them anyway.

The Companies House "concession" on submitting detailed accounts is to remove the access to very personal details from the public eye. (For instance going back to how it was in 2010 your neighbour could just log onto CH and basically work out your day rate from your submission - and therefore so could the guy sat next to you at the office).

Just because you can file accounts without these detailed figures doesn't mean you should do that. You will need these figures for Corp Tax calculations right now and you'll need them in the future if you are questioned about the submission.

That said the submission and accounting is pretty simple to do, but whether saving a couple of hundred quid for the stress is worth it

[Fred Bloggs]

Of course you can do it yourself, the question you should be asking is "should I do it myself?"

The fact you are asking a bunch of faceless contractors suggests you might not understand it as well as you think/hope you do.

Whilst the Companies House filings does not need a balance sheet or profit and loss accounts (just the headline figures), the associated Corporation Tax return does - so you'll need to create them anyway.

The Companies House "concession" on submitting detailed accounts is to remove the access to very personal details from the public eye. (For instance going back to how it was in 2010 your neighbour could just log onto CH and basically work out your day rate from your submission - and therefore so could the guy sat next to you at the office).

Just because you can file accounts without these detailed figures doesn't mean you should do that. You will need these figures for Corp Tax calculations right now and you'll need them in the future if you are questioned about the submission.

That said the submission and accounting is pretty simple to do, but whether saving a couple of hundred quid for the stress is worth it

It would be worth downloading the CT600 guide notes and getting a feel for filling in the form. Each entry field in the form has a number and the guide notes explain what to enter in each box.

https://www.google.com/url?q=https:/...rJLamy3TnWfhyc