New company first tax return

New company first tax return

Didn't find your answer?

I have just been asked by a small, local not for profit, company limited by guarantee company to help them with their first company accounts and tax return, unfortunately they have left things quite late!  I am a CA but don't normally file tax returns.  They incorporated on 9/2/12 and their first set of accounts are to 28/2/13.  However, HMRC are asking for a tax return for 13/2/12 to 12/2/13, and I know a tax accounting period must be less than 12 months.  Is the best way to complete a return for the 12 months 12/2/13 and then another for 16 days to 28/2/13, and to apportion my income/costs for the relevant period.  Their tax liability is nil either way.

Thanks

Replies (5)

Please login or register to join the discussion.

By petersaxton
24th Oct 2013 10:09

Why?

Are you sure they should have to submit a tax return?

HMRC may be confused.

Thanks (0)
avatar
By Consequent
24th Oct 2013 10:20

Thanks for your reply.  As

Thanks for your reply.  As they are not a registered charity yet, their income is taxable so yes I believe they do need to file a return.  Although they made a small profit, after AIA on equipment they bought their tax calculations show nil tax to pay. The notice to file a return does say 13 Feb 12 to 12 Feb 13 - even though they were incorporated on 9th Feb, and year end with Companies House is 28th Feb.

Thanks (0)
avatar
By Chris Smail
24th Oct 2013 10:45

PM sent

.

Thanks (0)
Jennifer Adams
By Jennifer Adams
24th Oct 2013 20:26

Article on this very subject...

you might be interested in this article which details exactly how to prepare the accounts for cos ltd by guarantee and what the legal filing requirements are...

https://www.accountingweb.co.uk/article/companies-limited-guarantee-get-it-right/517844

The article states:

Accounts and tax position

The accounting, tax treatment and filing deadline rules are exactly the same as for a company limited by shares (i.e. CT600 return, accounts to HMRC and Annual Return and Accounts to Companies House) except:

no share capital is shown on the balance sheet. A note should state that the company is Limited by Guaranteethe final line on the balance sheet to read ‘Reserves’ and not ‘Shareholders Funds’ as Companies House have been known to reject if incorrectly describedAny excess of income over expenses is referred to as ‘Surplus’ not ‘Profit’

Accountingweb has placed all articles on Company secretarial - type matters under one link headed a 'Library' - have a look here for anything to do with filings.

https://www.accountingweb.co.uk/article/uk-company-law-library/547609#corporate structures

Thanks (0)