Client filing Accounts and Corporation Tax Return

Is filing Accounts and Corporation Tax online easy ?

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I have a client who a IT Contractor.  Started as a sole trader and then converted in Limited Company. 

I filed his sole trader tax return and while a clever individual doesn't seem to understand anything about tax and accounting,   Financial affairs are fairly simple and he is contemplating of filing accounts and corporation tax return.

I have not used the online Accounts and Corporation tax filing before (I use taxfiler)  so little clueless on how it all works  but is it easy to use as not sure my client will understand some of the terminology used in the balance sheet.

Does companies house software allow my client to prepare the profit and loss for filing with HMRC ?

 

Replies (12)

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By Kevin Kavanagh
11th Apr 2019 14:27

Are you saying you will be preparing the accounts / company tax return and he will be filing them? Or is he going to do everything? If the latter, surely the first question is whether he knows how to prepare company accounts. And if it's the former - what's the point?

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Replying to Kevkava:
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By sash100
11th Apr 2019 18:43

My client wants to do everything but I am sure many clients file themselves and think they have done a great job as neither companies house or HMRC are bothered if its file incorrectly

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By Matrix
11th Apr 2019 15:49

I haven’t used it either but two clients did before I took over and made a mess. It simplifies it all too much.

He will be back when it goes wrong. Anyway it is not just about filing the numbers, but getting to those numbers, tax planning, filing the RTI and knowing which business expenses to put through during the year. Don’t think any more about it since this is not your ideal client.

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By legerman
11th Apr 2019 19:49

With Companies House you file either FRS 102 or FRS 105 balance sheet. Taxfiler will allow you to file to Co House providing you have a presentation code. Co House has nothing to do with filing the HMRC CT600.

Taxfiler will allow you to file that as well, but you'll need to have prepared the figures and put them in the accounts module. This will produce a set of accounts and allow you to attach to the CT600. Taxfiler will also calculate the tax after you've done any necessary adjustments.

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Replying to legerman:
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By Matrix
11th Apr 2019 20:19

There is a joint filing for business owners, I don’t know whether it is through HMRC or Companies House but (previously) unrepresented clients have used this.

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Replying to Matrix:
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By atleastisoundknowledgable...
12th Apr 2019 08:24

I thought that you couldn’t file a CT600 without software now?

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Replying to atleastisoundknowledgable...:
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By Matrix
12th Apr 2019 08:31

We can’t. Business owners can through their HMRC account I think. It is a CH and HMRC joint filing mechanism.

This is what the OP is talking about and I agree that it lets business owners submit a load of rubbish.

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By sash100
12th Apr 2019 11:06

Thanks for the replies. I think you need to file accounts at companies house first after logging into their site then you file Corporation tax with HMRC software together with the companies house accounts but where do you prepare the Profit and Loss ? Not sure if you can file both together though I thought you would have this facility available ?

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Replying to sash100:
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By Kevin Kavanagh
12th Apr 2019 11:35

I don't really understand the point you're making? However you do the actual filing, surely first you've prepared a set of accounts which by default includes both a P&L account and Balance Sheet - the P&L isn't some sort of optional extra.

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Replying to sash100:
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By Matrix
12th Apr 2019 13:23

All I know is that it is a joint filing so one login for everything and some companies use it. I have copies of the submissions.

Why are you interested if you have not been offered the work?

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By andy.partridge
12th Apr 2019 13:28

I have never known any self-filer of a limited company get it close to right. Ever. Ever. Ever.

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By MissAccounting
12th Apr 2019 13:32

Who cares? Let them get on with it and charge them double to put it right.

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