Calculating Corporation Tax (Penalty - Non deductable expense for Tax purpose)

[TheCyclingProgrammer]

One more thing. for those thinking I am trying to save accountant fees.

I paid a fortune to an accountancy firm last year. I thought they would be good as they have an office near Canary Wharf. After they (their trainee did all data entry in accounting package) completed my accounts, I asked how did you decide which number to round up and which number to round down. And the answer I got was - "Software does it and I need not worry about it. its all automatic.". So my understanding for this year is - its still cheaper to pay 100 VAT Penalty then an accountant who charges an arm and a leg for their underpaid trainees to do my accounts.

And please... If you are an accountant please do not advertise yourself in reply here as I am NOT looking for an accountant. If I was looking for one, I would have asked.

Thank you once again.

If you're going to do your own accounts, then at least get yourself up and running with something like FreeAgent (Online Accounting Software: Small Business and Freelancers - FreeAgent will get your 10% off) or Xero. I use FreeAgent (and have used Xero in the past) and it does my quarterly VAT returns at the click of a button - so no reason to ever get a VAT penalty again.

It also does your bookkeeping, PAYE and gives you a decent self-assessment and corporation tax calculation although you'll still need to submit this yourself.

[a1979raj]

OP is getting touchy, please don't?

I think that you have been given all the advice that is available, for free. I can't seem to have found any Accountants advertising there services, but I may be wrong?

This is the Accounting / Legal part of the Forum, and they do hang out here, with the best intention of assisting and not advertising. Hopefully you will have obtained the best advice and you may choose to engage their services based upon your judgement?

My apologies if you felt that way. It was more of precaution than a cure as I have seen many forums spammed by advertisers. But I must confess, I have not seen any advertise here yet. Good work everyone.

[a1979raj]

If you're going to do your own accounts, then at least get yourself up and running with something like FreeAgent (Online Accounting Software: Small Business and Freelancers - FreeAgent will get your 10% off) or Xero. I use FreeAgent (and have used Xero in the past) and it does my quarterly VAT returns at the click of a button - so no reason to ever get a VAT penalty again.

It also does your bookkeeping, PAYE and gives you a decent self-assessment and corporation tax calculation although you'll still need to submit this yourself.

Thank you. I will surely look into it.

[VectraMan]

If you're going to do your own accounts, then at least get yourself up and running with something like FreeAgent (Online Accounting Software: Small Business and Freelancers - FreeAgent will get your 10% off) or Xero. I use FreeAgent (and have used Xero in the past) and it does my quarterly VAT returns at the click of a button - so no reason to ever get a VAT penalty again.

Only if you remember to click the button. My £100 CT fine was for forgetting and missing the deadline. Okay so an accountant would have reminded me, but then so would a free calendar app.

Frankly if you can't work out your VAT returns you shouldn't be allowed to be a company director.

[northernladuk]

My apologies if you felt that way. It was more of precaution than a cure as I have seen many forums spammed by advertisers. But I must confess, I have not seen any advertise here yet. Good work everyone.

Advertising is against the T&C's of this forum and is well policed by the mods. I don't know how that works with PM's though. The effort our regulars put in speaks volumes for their companies so they don't really need to advertise.

[TheCyclingProgrammer]

Only if you remember to click the button.

Calendar. Reminder.

FreeAgent also displays it in their timeline on your dashboard. I log in at least once a week.

FreeAgent doesn't do everything though, as I've recently discovered - turns out I haven't been applying to reverse charge to things I should have been (things like web hosting and other services I get from US suppliers). Doesn't appear to affect my VAT calculations but still...looks like I may not be able to continue using FreeAgent's VAT return feature anymore until they support this.