Good evening all...
A potential client has submitted his own CT for his first year of trading. However, the accounts were filed for the period 01 December 2017 - 31 December 2018. As far as I can tell, no other returns have been filed. Therefore is the following correct;-
If we assume a long period of accounts;-
The first return should have been filed for the period of 01 December 2017- 30 November 2018.
A second return should have been filed for 01 December 2018 - 31 December 2018.
In this case there would have been a single filing date, 12 months from the end of the period of accounts, in this case the filing date = 31 December 2019.
As there has been no accounts filed for the second period, this CT return is late, and penalties will apply.
The accounting for the third year should then be 1 January 2019 - 31 December 2019.
Accounting Period 1
Tax Due 01 September 2019 - filed with Companies house (incorrectly)
CT600 due 31 December 2019 - filed with companies house (incorrectly)
Accounting Period 2
Tax Due 1 Oct 2019 - tax payment late, penalties apply
CT600 Due 31 December 2019 - - this return is late- penalties apply
Accounting Period 3
Tax Due 1 October 2010
CT600 Due 31 December 2020
Otherwise, how do you proceed if the first period of accounts is incorrect? Just start from the 1st January 2019 & make things easy?
I would be grateful for your thoughts, hopefully not a complete slating. ..Maybe I shouldn't quit my day job just yet?