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Change to Corporation Tax After Filing Accounts

I recently picked up a client who's accounts filing deadline was not very far away, hence there was a little rush to it.

I managed to file the accounts before the filing deadline passed and prepared a draft CT comp in order to post corporation tax figures into the accounts. Now I am looking to finalise the corporation tax return, I have noticed that the previous accountant had treated two motorbikes incorrectly for capital allowance purposes. They had included them in a special pool as opposed to the general pool, as they are post 2009 purchases. As they were disposed during the year, I initially treated them with a balancing allowance, when what I should have done (my interpretation) is transfer them to the general pool and continue to write them down.

As a result of this the corporation tax figure in my accounts will be wrong so I have a couple of questions in this regard:

1. Do I need to re-submit amended accounts with Companies House or can I make the amendment in next year's accounts?

2. If I have to re-submit, as the filing deadline has passed, will the accounts be subject to a late filing penalty?

3. If I can make the amendment in next year's accounts, will HMRC not notice that the CT figure in the accounts doesn't match up with the CT600 when they get the iXBRL copy?

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09th Dec 2012 21:01

Ct600 +/- accounts
You don't have to have the ct600 tax figure the same as the accounts, many firms round to the nearest £1000, after all the accounts just need to be true and fair, not perfect.

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By Old Greying Accountant
09th Dec 2012 21:34

Seeing as ...

... the CT600 isn't due until 3 months after the accounts need to be at Companies House, then no - it is after all a provision.

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By johnt27
10th Dec 2012 17:04

But

Old Greying Accountant wrote:

... the CT600 isn't due until 3 months after the accounts need to be at Companies House, then no - it is after all a provision.

but the tax is due the day after the accounts filing deadline....

 

Anyway unless the tax difference is material there is no adjustment required as the accounts will still be true and fair. Under/over provision in next year's accounts.

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09th Dec 2012 22:06

Thank you for the replies, I did think that would be the case but the tax provision in the iXBRL copy not agreeing with the return threw me a little.

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12th Dec 2012 13:21

agree

with what the boys said abovehence why there are under or over provisions in large co accounts

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