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)
Please login or register to join the discussion.
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?
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.
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.
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.
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.
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.
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?
I have never known any self-filer of a limited company get it close to right. Ever. Ever. Ever.