CT600A and Director Loan Account

[Craig@Clarity]

Sorry I got my wires crossed. It's within 12 months from the original filing deadline so you have until August.

[BusinessBandaid]

It's probably too late to amend the submitted CT600 if it was done last May. You only have 12 months from the time you submitted your CT600 to amend it.

weirdly enough, it does give the option to amend and resubmit apparently. Only just over 12 months, but still works…

[Craig@Clarity]

need a new accountant as he ain’t done that. Gonna have a look again today

It's probably too late to amend the submitted CT600 if it was done last May. You only have 12 months from the time you submitted your CT600 to amend it.

[BusinessBandaid]

Your first stub period would be from the date of incorporation to the day before you started to trade. This first CT600 would be NIL and not chargeable to corporation tax. Your second CT600 would be from the date you started trading to end of August 2020.

need a new accountant as he ain’t done that. Gonna have a look again today

[Craig@Clarity]

thanks for this.

in actual fact, I didn’t start trading until November 2019. That’s what’s confused me a bit. In this case, would I still need to apportion, or would it just be one period?

Your first stub period would be from the date of incorporation to the day before you started to trade. This first CT600 would be NIL and not chargeable to corporation tax. Your second CT600 would be from the date you started trading to end of August 2020.

[BusinessBandaid]

So you're correct in sending two CT600's for a 12 month period then a stub period. This is assuming you started trading on the day you incorporated your company. Anyways, to answer your question on CT600A, you would need to generate the supplementary page based on the period in which the loan occurred. So, if the loan was created in the first 12 month period, you only need 1 CT600A for that period. If there was no loan during the 19/08/2020 - 31/08/2020 (as it stayed at £200), then no CT600A require for that stub period.

thanks for this.

in actual fact, I didn’t start trading until November 2019. That’s what’s confused me a bit. In this case, would I still need to apportion, or would it just be one period?

[northernladuk]

Please take it easy on me. This is all still very new to me (my "accountant" has vanished) and I’m really spending a lot of brain power on this ? . Any guidance on to what I should be thinking about, or if I am on the right track would be really appreciated.

But you are actively seeking another one pronto aren't you?

[Craig@Clarity]

So you're correct in sending two CT600's for a 12 month period then a stub period. This is assuming you started trading on the day you incorporated your company. Anyways, to answer your question on CT600A, you would need to generate the supplementary page based on the period in which the loan occurred. So, if the loan was created in the first 12 month period, you only need 1 CT600A for that period. If there was no loan during the 19/08/2020 - 31/08/2020 (as it stayed at £200), then no CT600A require for that stub period.

[BusinessBandaid]

Based on my experience, you'd just submit one set of annual returns (2019-08-19 to 2020-08-31), i.e. your first year would be a bit longer than subsequent years.

However, if these were due in May 2021, why are you asking now? I.e. are they a year overdue? Also, have you submitted your returns for the following year (2020-09-01 to 2021-08-31), given that these are due in 3 days time?

Thanks

Yes, only one set of accounts is needed for Companies House) (19/08/2019 - 31/08/2020), but for HMRC they required two returns (19/08/2019 - 18/08/2020 & 19/08/2020 - 31/08/2020). Not sure why but that’s what my previous “accountant” (who has done a runner) has filed.

As for the upcoming, yes, they are done, but this CT600A had thrown a bit of a spanner in the works, which I need to sort out before this upcoming can be submitted.

[hobnob]

So, a Ltd company opens on 19/08/2019. The company has to send in two returns in May 2021: one for 19/08/2019 - 18/08/2020 & 19/08/2020 - 31/08/2020 (hopefully this is correct so far)

Based on my experience, you'd just submit one set of annual returns (2019-08-19 to 2020-08-31), i.e. your first year would be a bit longer than subsequent years.

However, if these were due in May 2021, why are you asking now? I.e. are they a year overdue? Also, have you submitted your returns for the following year (2020-09-01 to 2021-08-31), given that these are due in 3 days time?

[BusinessBandaid]

Oh dear, are you a client of Nixon Williams, SJD or the associated firms by any chance?

No, but is something majorly wrong that I’m missing?

[Fred Bloggs]

Oh dear, are you a client of Nixon Williams, SJD or the associated firms by any chance?

[BusinessBandaid]

Hi guys

Can anyone help me with this q?

So, a Ltd company opens on 19/08/2019. The company has to send in two returns in May 2021: one for 19/08/2019 - 18/08/2020 & 19/08/2020 - 31/08/2020 (hopefully this is correct so far)

My question is about directors loan account and a CT600A. The director owed money to the company after 18/08/2020 but also after 31/08/2020 as it wasn’t fully paid until after these dates (majority was paid off through quarterly dividends before 18/08/2020). The amount was the same (£200) What I’m having slight trouble understanding is which return/period should the company include the CT600A for?

Should it be included on both as the amount was due during both time periods?

Please take it easy on me. This is all still very new to me (my "accountant" has vanished) and I’m really spending a lot of brain power on this ? . Any guidance on to what I should be thinking about, or if I am on the right track would be really appreciated.