Preparations start for new Corporation Tax online filing system

However, HMRC must address the question of agents being able to adjust periods shown on the HMRC website. Online lodgement is not possible where the CT600 period is different from the period shown on the website - this is usually the case for newly-formed companies for instance. I am told that I have to write in to have the periods adjusted, and of course it is just as easy for me to write in enclosing the paper CT600 forms and let HMRC do the work !!!

I welcome the mandatory filing and this is the first choice for out practice, but only if the IT can be fixed so it works properly and we can file April year ends from the word go and not have to wait until September or October.

The vast majority of CT returns during the summer and early Autumn are paper filed as on-line filing is simply not available for post 31/3 year ends for months on end.

HMRC can process the returns their end so it cant be a legal reason, just a technical one or poor scheduling.

HMRC will be removing the CT603 requirement for dates so returns should get through if they don't match the period expected by HMRC.

We file everything online, when we can!

Take the example of S419 tax reclaim, if a directors loan from a previous period is repaid there is no where to disclose this and get a repayment made, therefore we currently have to send in everything manually, together with a covering letter explaining.

Oh, did I mention that every single time without fail HMRC ignore the letter and once we know the return is accepted we then have to ring them to get it actioned.

It’s all very well moving everything to electronic filing, but only if everything is set up to deal with it, which it obviously isn’t!

Jason
Holden Associates
A Blog for Small Business

Rebecca

I know that you mainly focus on the tax implications, but HMRC is currently going to require statutory accounts to be prepared in a format not recognised by Companies House and with a serious absence of software support.

I think that this will cause serious implementation problems and costs for those companies like mine who prepare statutory accounts on Word.

I have been unable to find a software solution which allows us to prepare statutory accounts, including consolidated accounts, in the required IFRS format, so I would welcome any suggestions.

Peter