Company Tax Return: Why is Accounts section before Tax CT600 computation

[css_jay99]

Hi,

I am just about to complete my Company Tax return and noticed that there are now some few changes. e.g I can now generate my statutory company accounts as well while filling in the CT600.

My question is why has the HMRC put the statutory accounts section before the tax computation when the Corp Tax value is needed for the creditors/liabilities section of the balance sheet?

Does this mean I have to jump forwards and backwards while completing the tax return online?

cheers

css_jay99

[Greg@CapitalCity]

I have not used the HMRC online filing software, but what you say here does not surprise me too much. When I last looked at their software a few years ago it was a mammoth looking thing with a special bias on being user unfriendly.

You are right though with the P&L and Balance entries needing the Corp Tax amount - might just be a matter of having to jump back and forwards until you have the correct CT amount in your accounts.

[Alan @ BroomeAffinity]

I think the HMRC system is for reporting your accounts NOT preparing them. Therefore, you would be expected to have completed accounts available to copy the information on to the system from.

[Greg@CapitalCity]

I think the HMRC system is for reporting your accounts NOT preparing them. Therefore, you would be expected to have completed accounts available to copy the information on to the system from.

Correct, its just that OP needs a Corp Tax calculation done, which it sounds like the HMRC software will not allow that until he has put his accounts into the system. Its a little bit chicken and egg as the OP can't finalise the accounts until the CT calc has been done.

[css_jay99]

cheers,

I normally use Sage for my accounts 7 payroll and also keep a spreadsheet that I use for calculations to cross check my figures with sage.

Its just a shame Sage cant do Final year accounts to HMRC

I tend to be a little bit carried away with the statutory notes to accounts in the last couple of years , so will now like to divulge as little as possible especially when i am taking a a fair bit of divs (... i know this already sticks out in the accounts itself anyway...)

so Can I ignore the following from the Statutory notes ? :
(1) Transactions with directors
(2) Director's remuneration ( i took a fair bit of divs and small salary )
(3) taxation because the bulk is Corp tax hence no need for further clarification
(4) Dividends


cheers

css_jay99

[rmmc]

cheers,

I normally use Sage for my accounts 7 payroll and also keep a spreadsheet that I use for calculations to cross check my figures with sage.

Its just a shame Sage cant do Final year accounts to HMRC

I tend to be a little bit carried away with the statutory notes to accounts in the last couple of years , so will now like to divulge as little as possible especially when i am taking a a fair bit of divs (... i know this already sticks out in the accounts itself anyway...)

so Can I ignore the following from the Statutory notes ? :
(1) Transactions with directors
(2) Director's remuneration ( i took a fair bit of divs and small salary )
(3) taxation because the bulk is Corp tax hence no need for further clarification
(4) Dividends


cheers

css_jay99

Sage does final accounts too but you have to buy software to produce the final accounts.

Answers in the same order

(1) No it is required to include as note
(2) No it is required to include as note. Directors remuneration include salary and benefits reported on P11D. Not the dividend. The dividend should be reported under Related party transactions.
(3) No, it is requirement of the statutory accounts.
(4) See above No. 2

It may be worth getting an accountant to do the accounts. Is there a directors loan outstanding (director owes money to the company)?