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Company Accs for HMRC when Consolidated

When sending Corporation tax return, you have to attach accounts. Can these be the consolidated ones

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If Audited consolidated accounts are prepared, when you submit corporation tax return, can you attach consolidated accounts?

Or, do you have to prepare co accounts only, just for HMRC?

If, so does auditor need to sign these separately?

Thanks.

 

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31st May 2019 16:57

Tax is calculated on the profits of each individual entity, so you need the individual company accounts to prepare the tax comp.

You have to prepare company accounts anyway - the consolidated accounts have to include a company balance sheet and this is within scope of the audit opinion.

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31st May 2019 19:51

You don’t have to prepare anything separate for HMRC except the company’s own P&L a/c.

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to johngroganjga
01st Jun 2019 08:11

Our software (TaxCalc) doesn’t do consol accounts, so we do them in Excel. For the CT purposes, we then add an entity P&L and send them to ‘1st Choice iXBRL’ to tag the whole thing.

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to atleastisoundknowledgable...
02nd Jun 2019 08:33

If the question had been about tagging the accounts once prepared that would, I am sure, have been a good answer.

I read the question as being about what accounts to prepare and submit, not about how to tag them.

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02nd Jun 2019 13:21

The only accounts required are the accounts required by company law. If the only accounts prepared are the consolidated ones that is what you attach.

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to Wilson Philips
02nd Jun 2019 17:25

With the addition of the holding company’s P&L of course.

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to johngroganjga
02nd Jun 2019 18:20

Not so. HMRC cannot insist on accounts that are not required by statute. We never attach anything other than the statutory accounts.

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By Matrix
to Wilson Philips
02nd Jun 2019 20:31

Under statute I thought that individual accounts had to be prepared.

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to Matrix
03rd Jun 2019 03:44

Not so. At least you have to prepare the holding company’s figures to do the consolidation with, but you are not required by statute to prepare a document which is the holding company’s accounts if it is not exempt from preparing group accounts.

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to Wilson Philips
03rd Jun 2019 03:39

You are very unusual then. In all my time I have never seen any accountants not attach a detailed profit and loss account (which is of course non-statutory) to the accounts sent to HMRC. For a group preparing consolidated accounts that will of course be the holding company’s P&L.

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By Matrix
to Wilson Philips
03rd Jun 2019 07:02

Company P&L is required even if not attached to the accounts. Consolidated accounts to HMRC would be a fat lot of use, how have you been showing your starting point in the tax comp if no company P&L?

https://assets.publishing.service.gov.uk/government/uploads/system/uploa...

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to Matrix
03rd Jun 2019 07:57

We show the detailed profit and loss in the computation.

As we also do for singleton accounts that do not include a detailed profit and loss account.

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to Wilson Philips
03rd Jun 2019 15:20

So you do after all disclose the non-statutory detailed profit and loss accounts, albeit in an unorthodox manner. Everyone else whose accounts I have ever seen attaches them at the back of the statutory accounts. Better there in my opinion, so that the client, and anyone else the client wants to show his accounts to, has the benefit of seeing it as well.

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