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
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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