How to categorise these penalties in FreeAgent

[peterboroughsas]

Got slapped with:

- £750 penalty for late annual accounts filing.
- £100 penalty for late tax filing.
- £XX interest on my tax bill (I am guessing also for being late)

Q1: How do I categorise those on freeAgent? It suggests "Corporate tax penalty" do they go all under this or are they different?

Q2: Also is it better to pay the penalty, with interest along with the corporate tax in one transaction or to split them into two or three transactions for bookkeeping?

[Lance]

Got slapped with:

- £750 penalty for late annual accounts filing.
- £100 penalty for late tax filing.
- £XX interest on my tax bill (I am guessing also for being late)

Q1: How do I categorise those on freeAgent? It suggests "Corporate tax penalty" do they go all under this or are they different?

Q2: Also is it better to pay the penalty, with interest along with the corporate tax in one transaction or to split them into two or three transactions for bookkeeping?

ask your accountant.....
If you don't have one, then perhaps these penalties are sufficient reason to get one.

[peterboroughsas]

ask your accountant.....
If you don't have one, then perhaps these penalties are sufficient reason to get one.

I am closing company next week so doesn't make sense to get one now.

[malvolio]

I am closing company next week so doesn't make sense to get one now.

So enter them against income tax payments, 'cos that's where the money's going. Then they won't affect CT calculations, which is the only potential issue. List and describe them separately just in case someone (like HMRC) wants to take a look between now and final closure.

Were you to ask another question, perhaps include all the relevant information!

[northernladuk]

I am closing company next week so doesn't make sense to get one now.

I'm guessing it didn't make sense getting an accountant before and now you've paid more than it would have cost so I'd ask are you sure you don't need one and closing the compay wrong isn't going to cost you more again?

[malvolio]

I'm guessing it didn't make sense getting an accountant before and now you've paid more than it would have cost so I'd ask are you sure you don't need one and closing the compay wrong isn't going to cost you more again?

Ignorance is bliss. Let's hope the OP has researched and chosen the most efficient closure option!

[Guy Incognito]

Closing a company is the time you DO need an accountant imo

[ladymuck]

Got slapped with:

- £750 penalty for late annual accounts filing.
- £100 penalty for late tax filing.
- £XX interest on my tax bill (I am guessing also for being late)

Q1: How do I categorise those on freeAgent? It suggests "Corporate tax penalty" do they go all under this or are they different?

Q2: Also is it better to pay the penalty, with interest along with the corporate tax in one transaction or to split them into two or three transactions for bookkeeping?

You can pay in one transaction and then when entering the journal split it out as three line items, to itemise what the payment covers. (I presume FA can do this)

I would just use the suggested account, I don't see any reason to complicate matters.

[d000hg]

Closing a company is the time you DO need an accountant imo

WHS

It seems like you'd expect a one-off fee of a few £hundred which is probably fairly insignificant in the grand scheme of things so I would much rather know everything is all squared away personally for peace of mind.