Stupid question, but when you create your subby in Moneysoft you can set them up as "verified separately" and enter the 30%/20% and the verification number separately. I'm sure I have fudged this in the past to get the software to do what I wanted.
Forgive the scant detail - bit of a habit for me on here.
Property is a pub with a residential top floor and pub ground floor. Buyer is VAT registered building contractor. The plan is to demolish and build residential new builds. I was convincing myself that the residential element of the existing building was somehow relevant in how much of the VAT on the purchase price could be reclaimed but I am overthinking.
I am a mere snip at 48 and contracted out of SERPS for a few years (COPE estimate of £24.85) but have 29 years in the bag and a forecast telling me I need another 6 for the £175.20. Weirdly my wife (44 and who also contracted out of SERPS for a few years) has 27 years and a forecast of 5 more years for the same amount.
Like many others things I have stopped trying to understand this.
My understanding (from Taxfiler support) is that the fix needs to come from HMRC. As of this morning I cannot submit any CT600s for periods ending after 1st April 2020.
Thanks for your reply. I'm afraid you have misunderstood: the dates align already. The issue here is with HMRC. This is what my software support team told me on 14th May:
"We have identified an issue with the HMRC validation which was coded to allow for the new 17% CT rate for periods ending on or after 1 April 2020, but which is no longer the case.
This means that any calculation for this period using the correct 19% Corporation Tax rate will be rejected. We are using the correct rate of tax and the figures shown on the computation is correct.
Unfortunately there is nothing that we can do to resolve this while we await HMRC's correction to their software.
HMRC have advised that unless necessary, no CT600 returns that cover this accounting period should be filed currently. They are suggesting that this is to be updated in the CT600 by the second week of July"
My answers
Stupid question, but when you create your subby in Moneysoft you can set them up as "verified separately" and enter the 30%/20% and the verification number separately. I'm sure I have fudged this in the past to get the software to do what I wanted.
Much appreciated, and good idea about the photographs. I am also speaking to a VAT consultant in the morning to make sure I haven't missed anything!
Forgive the scant detail - bit of a habit for me on here.
Property is a pub with a residential top floor and pub ground floor. Buyer is VAT registered building contractor. The plan is to demolish and build residential new builds. I was convincing myself that the residential element of the existing building was somehow relevant in how much of the VAT on the purchase price could be reclaimed but I am overthinking.
I am a mere snip at 48 and contracted out of SERPS for a few years (COPE estimate of £24.85) but have 29 years in the bag and a forecast telling me I need another 6 for the £175.20. Weirdly my wife (44 and who also contracted out of SERPS for a few years) has 27 years and a forecast of 5 more years for the same amount.
Like many others things I have stopped trying to understand this.
PayPal?
My understanding (from Taxfiler support) is that the fix needs to come from HMRC. As of this morning I cannot submit any CT600s for periods ending after 1st April 2020.
**Edited** adding a summary.
Just quoting, like
Thanks for your reply. I'm afraid you have misunderstood: the dates align already. The issue here is with HMRC. This is what my software support team told me on 14th May:
"We have identified an issue with the HMRC validation which was coded to allow for the new 17% CT rate for periods ending on or after 1 April 2020, but which is no longer the case.
This means that any calculation for this period using the correct 19% Corporation Tax rate will be rejected. We are using the correct rate of tax and the figures shown on the computation is correct.
Unfortunately there is nothing that we can do to resolve this while we await HMRC's correction to their software.
HMRC have advised that unless necessary, no CT600 returns that cover this accounting period should be filed currently. They are suggesting that this is to be updated in the CT600 by the second week of July"
It was directed at lionofthingymajig and was a dreadful attempt at humour for which I apologise profusely.