Submitting accounts to HMRC
I'm feeling a bit like Arthur Dent from the Hitchhikers Guide to the Galaxy who found that the plans for knocking down his house were on display in the bottom of a locked filing cabinet stuck in a disused lavatory with a sign on the door saying "Beware of the leopard".
Having happily sat down before Christmas to do my company's corporation tax return, I have discovered that HMRC's PDF based software cannot cope with a balance sheet which has any reserves other than profit and loss account and revaluation reserve. As my company has a share premium account, the HMRC form won't accept it (although Company's House can cope with no trouble).
So I find myself looking for alternative solutions to produce the accounts in iXBRL, which will no doubt eventually be solved.
What I find odd is that today, as I write this, I am unable to comply with the HMRC's requirements, because I don't have a mechanism for preparing accounts in iXBRL format. Is there no requirement for HMRC, in law, to provide me with such mechanism?
I suppose, in times gone by, there was no requirement to provide me with a pen so I could fill in the form, or paper so I could print my accounts, but this feels rather different.
Looking further ahead will HMRC be able to insist that all taxpayers do their SA return on line, when there may remain some who don't have access to the internet? Could they insist that all tax returns must be printed in gold leaf on the finest vellum parchment? Could they insist that all tax filings should be done by authorised agents, who, no doubt, like St Matthew would be able to charge a fee, based perhaps on the amount of tax collected.
If anyone knows the legal reference or can confirm that there is none, I'd love to hear it.
- Undeclared rental income 2,510 23
- Company buy back of shares from directors 59 2
- Cash basis 53 1
- Desperate IFAs and Auto-enrolment Scare stories 483 23
- Partnership registered in error. No activities with view to profit. 314 9
- Cash basis 718 25
- Rental income 88 2
- NIC thresholds - two employments 1,937 30
- s455 Directors loan 148 3
- Insurance for Company Ltd. by Guarantee 58 1
- Incorrect penalty warning letters sent 1,173 8
- Non resident capital gains 75 1
- Income recognition - release of product from a factory 408 12
- Does anyone use PS Financials accounting software out there? 336 1
- CIMA accountant wants to start consultancy 529 6
- What are the options for writing off a Directors Credit balance 172 2
- payroll software 504 9
- Fee base v staff ratio 587 7
- 1 investor and 1 director 50% shareholding each advice please 298 13
- Posting pension salary sacrifice journal 107 1
- Skandia using wrong address 600
- FHL, period of grace and Entrepreneur's relief 324
- Employee rewards 301
- Gift of reversion and lease into trust by two different people - later PPR 269
- EPS Analysis - Change to EURO 236
- Etax Australian 198
- LLP in Construction Industry 159
- Selling On Amazon & Calculatign Prices/Vat 147
- Interest and late payment charges HMRC 137
- Re-submitting CT600 on paper 129