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HMRC compliant format for Corporation Tax return accounts
Has anybody got an example of a suitable format for submitting accounts with Corporation Tax return? i.e. HMRC suitable Profit/Loss and Directors Report (I only submit abbreviated accounts to companies house)
Basically before I started using FreeAgent, I used QuickBooks and submitted my company returns myself. I unfortunately didn't attach a copy of the accounts and directors report with the corporation tax return, and am now incurring penalties and interest on the non-filing of the return. I only submitted abbreviated accounts to Companies House, and I believe these are not suitable for accompanying the return, and I need a full set of accounts. Is the Quickbooks/FreeAgent p/l report suitable to just submit to HMRC? Along with a copy of the abbreviated accounts as a directors report?
Could anyone advise me as to how this should be laid out, or if there are any accountants willing to do this, advise me with the cost and estimated time to produce the p/l in HMRC format. (I've got the accounts in QuickBooks 2006, and all expenses/receipts as PDF's/paper, if required).
Basically before I started using FreeAgent, I used QuickBooks and submitted my company returns myself. I unfortunately didn't attach a copy of the accounts and directors report with the corporation tax return, and am now incurring penalties and interest on the non-filing of the return. I only submitted abbreviated accounts to Companies House, and I believe these are not suitable for accompanying the return, and I need a full set of accounts. Is the Quickbooks/FreeAgent p/l report suitable to just submit to HMRC? Along with a copy of the abbreviated accounts as a directors report?
Could anyone advise me as to how this should be laid out, or if there are any accountants willing to do this, advise me with the cost and estimated time to produce the p/l in HMRC format. (I've got the accounts in QuickBooks 2006, and all expenses/receipts as PDF's/paper, if required).
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Inappropriate?This isn't an easy one to answer!
The accounts which accompany the Corporation Tax return should comply with the Companies Act format and numerous other pronouncements by accountancy bodies, Uncle Tom Cobley, etc. Most accountants can't achieve 100% accuracy!
I have seen HMRC accept FreeAgent accounts but they will normally expect the "proper" accounts.
My personal opinion is HMRC have been a little harsh on you about the non-submission of the accounts and the subsequent penalties.
Rather than answer the final paragraph here I shall contact you direct. -
Inappropriate?I've got a similar issue going on.
I can prepare the accounts, but it's getting the balance sheet balanced with translating the correct carry forward balances from my previous accountant's annual accounts into the FreeAgent Central opening balances that's the issue here!
Stuart? Over here *waves hand* -
Inappropriate?This is how to do it:
1. Ask previous accountant for closing trial balance. This is a full list of the closing balances from the last accounts. You won't get anywhere without the trial balance.
2. The closing balances become the opening balances.
3. Enter these in FreeAgent.
4. Remember the opening profit and loss reserves is the amount shown on the trial balance +/- last year's profit/loss.
5. Ask for more help when it doesn't balance! lol2 Comments
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Thanks Stuart :)
"Closing Trial Balance". You learn something new every day! -
1-4: Thanks for your advice. Useful, thanks :)
5: It still doesn't balance. There's a problem with getting the figures from the closing balance of the previous year into FreeAgent. http://getsatisfaction.com/freeagentc... -
Inappropriate?All,
We're currently implementing a way of bringing opening trial balances into FreeAgent at any point in the accounting year - not just the limited set that we support at the moment.
As Stuart indicates, it's possible to enter these as journal entries, but our new method will be much simpler for us mere mortals. You'd still need a 'closing trial balance' from your previous accountant, though.
Secondly, we'll be introducing an 'accounts export' tool that will wrap up a selected set of accounts screens to form a PDF file that, with an experienced accountant to check things over, should be suitable for submission to HMRC and Companies House. Standard notes and delcarations will be included.
(and if we get you Accruals and Prepayments, Stuart, even you might be happy to sign them off!)
So, probably a month or two (or three) away, but we'll get there.
I’m confident
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Inappropriate?You won't get your "suitable for submission" accounts without accruals & prepayments :)
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Inappropriate?@Ed; thanks for listening :) Would you mind giving Stuart a call and giving him all the features he's asking for? :)
Thanks a lot :D
I’m thankful
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Inappropriate?>> You won't get your "suitable for submission" accounts without accruals & prepayments :)
Well, that decides it, then!
I’m excited
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