Hi there,
I am new to this forum and bring my question.
I have just filed company's CT600 and annual company's accounts with HMRC.
After submission a CT600 to HMRC, I have discovered a small mistake in the company's balance sheet. These are the first year accounts of the company.
I have oversight to account for the Company's share capital in the balance sheet which is £1. I am wondering should I amend these accounts with HMRC, if I should how can I amend the accounts only.The CT600 itself is correct.
I will appreciate if someone guides me through.
Thanks
Replies (8)
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How to submit amended accounts to Companies House
https://www.gov.uk/annual-accounts/corrections-and-amendments
Well, since the directors have approved the original accounts you can't just amend them on your own authority, and you cannot just send in new accounts to HMRC, you will also need to submit the amended accounts to CH, as scalloway has indicated above.
Amend the accounts, get them approved by the directors, then re-file the amendment with CH. Then ask the directors if they wish to file the amended accounts with HMRC. Since the P&L won't change they may choose not to, but if they want them corrected just submit an amended return that is unchanged apart from the corrected accounts - your software will have an option to indicate you are amending the original return.
For a £1 error not affecting the profit I would not amend the accounts at all. Just get them right next year.
You say the accounts haven't been filed with Companies House yet, so I'm presuming that the error is simply a £1 error with the accounts filed at HMRC.
For £1, I wouldn't bother. Even if it means paying an extra 20p tax. Your time costs are bound to be more than that.
HMRC are unlikely to notice. If they do, thank them for picking up on the error. There'll be no consequences.
We are told that it's a mistake in the balance sheet, so profit, and therefore tax payable, are not affected, even by 20p.