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?
- A change from the old Q v NQ debate 2,632 54
- Personal Allowance for non residents 363 9
- Vat 83 3
- PAYE 99 3
- xerocon 68 1
- SA online - 4 hour limit 1,098 10
- Unemployed Accounting Graduate - Need Advice - Small Firms 156 1
- VAT: option to tax 113 2
- IHT dilemma 299 11
- Share Valuation 66 2
- Dormant company or not? 316 13
- VAT - Land Related Services 95 1
- Best form of debt recovery 168 3
- Backdating VAT claim 53 1
- WIP recognition for builders 377 8
- Do I need to keep subscribing to CIMA post qualification? 309 15
- BTL property solely in wife's name - can she split rental income with husband? 192 5
- Prior Year Adjustments 121 2
- Share Issue 220 1
- Payment of Capital from and LLP and Corporate member 151 11
- Feedback on accounts production software for IFRS 656
- Property let at a reduced rate - losses brought forward 521
- Auto enrolment excuses 502
- Removed post 370
- Add T&Cs to Sales Order in Sage 348
- Social investment tax relief 162
- Patent Box and worldwide patents 155
- Call Centre Data Costs 155
- Digita Hosted Software 140
- option to tax 127