help needed for Depreciation & VAT yr accounts

[Robot]

The filling date is end of today, surely I cant get charged for corp tax yet since thats only due 9months after year end?

css_jay99

If the accounting reference date is 30 April 2008, why the big panic? You have time on your side; there will be no fines or penalties.

Perhaps it is time for you to review the filing dates, of the documents you are trying to produce.

[dude69]

I suspect it has.

But out of interest, I'm guessing your other clients pay for that level of advice whereas the OP has said before that he thinks accountants are a waste of time and money (despite our best advice...). So where would you draw the line between being helpful and giving away expensive-to-acquire business advice for free?

generally there are two reasons for this:

(1) the accountant is bored and likes to answer questions, it doesn't impact on his business in any way
(2) the accountant figures that by writing his name and company name in his signature he is getting plenty of publicity, as a clued-up guy, and even if the OP is never going to be a client, he is quite likely to get PMs and so on from other potential clients as a result.

[dude69]

Hi Robot,

Sorry missed the point about this being his own laptop to his company, you are correct that you cannot claim first year allowances as they are connected persons, this is covered under Capital Allowance act 2001 section 217.

Just WDA's should be claimed for the laptop at 25% for the year to 31/12/07

Thanks
Neil

there is the option of a pre-registration expense, if the laptop was bought within six months prior to incorporation.
£850 is quite a lot for a second-hand laptop I think?

[dude69]

css_jay99

£100 for late submission of CT600 (could be more if this is late for a second time)
£100 late filing penalty from Companies House (I presume you haven't submitted the accounts if haven't finished off the accounts for HMRC)
Interest is accruing on the corporation tax payable.


No doubt very soon you will be back asking if the fines / interest payable are allowable in the tax comps…

Not sure what the OP is on about. Tax year is Jan 2007 - Dec 2007, so the relevant dates are:

Companies House annual return: 28 January 2008
Corporation Tax payable October 1 2008
Accounts to Companies House October 31 2008
CT600 to HMRC December 31 2008

also PAYE return 19th May 2008

Also VAT returns every quarter.

[css_jay99]

Not sure what the OP is on about. Tax year is Jan 2007 - Dec 2007, so the relevant dates are:

Companies House annual return: 28 January 2008
Corporation Tax payable October 1 2008
Accounts to Companies House October 31 2008
CT600 to HMRC December 31 2008

also PAYE return 19th May 2008

Also VAT returns every quarter.

You are quite right, I am such a fool !


boy o boy i almost had a heart attack when speaking to hmrc.

After all the stress of trying to get my accounts finished today, it turns out that my 2007 return is not due until dates listed by dude69. That was the good news.

The bad news that almost gave me a heart attack was when they told me that I was already on penalty cos they have not received my 2006 returns except the payment for the period.

It turned out that when I stretched my Acounting period for 1 year and submited my return last year (2006 Return), their system rejected my return (unknown to me) but still gave me the acknowledgement confirmation.

So this morning when HMRC told me I could not get an extension, she was going on the basis that it was 2006 rtn which would now be very very late by any account. Explains why she said NO.

They finaly figured the problem out and agreed to make the corrections and tick me off as a good boy. Strangely, I would have thought that they should have sent me demands which will bring the error to my notice..... A happy ending nevertheless .

So I now have more time to finish off my 2007 books!

Its such a good feeling if you dont have the taxman on your back.


Brings me to another question.
A friend of mine is in tulip with the inland revenue. He is a medical doctor that went via a bad patch with work (GMC complaint). Rather than keep working he went into a meltdown and stopped working. He obviously as a result of this lost interest in everything meanwhile HMRC filling & payments were ignored.

HMRC have now been on his case with owings and latepayment.....

Can he come to some arrangements with HMRC to freeze his debt ?.
Problem is I dont think he has any money left after almost 2yrs of not working. He is probably going to be loosing his house as well


As I said before, your contributions are priceless. Now i have more time finishing the payment system I am paid to do rather than sneakily preparing my accounts

what does OP mean?

css_jay99

[dude69]

You are quite right, I am such a fool !


boy o boy i almost had a heart attack when speaking to hmrc.

After all the stress of trying to get my accounts finished today, it turns out that my 2007 return is not due until dates listed by dude69. That was the good news.

The bad news that almost gave me a heart attack was when they told me that I was already on penalty cos they have not received my 2006 returns except the payment for the period.

It turned out that when I stretched my Acounting period for 1 year and submited my return last year (2006 Return), their system rejected my return (unknown to me) but still gave me the acknowledgement confirmation.

I'm confused as to how you managed to submit last year's accounts successfully. Did you not consider VAT or depreciation then?

[css_jay99]

I'm confused as to how you managed to submit last year's accounts successfully. Did you not consider VAT or depreciation then?

I only registered for VAT last june year. Co. started in dec 2005 but was using a getting paid via a friend's Co.
I did not have any Fixed asset either, just issuing invoices

there is the option of a pre-registration expense, if the laptop was bought within six months prior to incorporation.
£850 is quite a lot for a second-hand laptop I think?

I bought the laptop a year previously for £1200 so not a bad price selling it to myself especilly after it was pimped out with a 300Gb HDD and WUXGA screen.

css_jay99