Calculating Corp Tax

nc35 · Mar 26, 2010

Hi All
I have a really small Ltd Company, which is my only source of income. It has been fairly successful for the past few years until this recession.
T/O at the moment is only about £30k providing me with about min wage to live on.
To date I have used an accountant, but felt it only fair to release him after last years accounts, as I did not even know if I could pay him this year.
So I was wondering if I can prepare this years accounts myself? So far so good, used last years as a template, but I have no idea how to calculate the corp tax. Nor do I know what I would need to file regarding calculation sheet etc.
Any help please (except pay for an accountant at this stage)
Cheers
NC35

Williams lester · Mar 26, 2010

If you wish to tackle it yourself, have a look here as a starting point http://www.hmrc.gov.uk/ct/index.htm.

I would not advise you to do this yourself though, as if you get it wrong the penalties can be severe for missing the filing dates. Try getting a cheaper accountant, there are quite a few on here who would give you a quote to do the work.

Philip Hoyle · Mar 26, 2010

Also, the wording on the accounts will probably need to be different because of the disclosure changes introduced 2009 following the 2006 Companies House. If you simply copy the wording on the directors report, balance sheet and accounting policies, they are going to be wrong and Companies House (and maybe also HMRC) will reject the accounts.

elaine@cheapaccounting · Mar 26, 2010

If you have made a loss you can carry this back to prior years and get a CT refund - might help to fund what you need doing.

nc35 · Mar 26, 2010

Wow, thank you for the quick replies.

Perhaps I do need to see an accountant. All this is getting me down and depressed. Even thinking of liquidating the company.

I will have a look on the forum and see if anyone is local, recommended and cheap. (Going to be cheaper than HMCE fines)

The company has remained in profit only because I have taken the £5,700 salary and dividends, to give an income of ~ £12k pa

Williams lester · Mar 26, 2010

If you let us know where you are, maybe somone on here is in your area. Or, you could consider using a remote service.

nc35 · Mar 29, 2010

Hi All
I am based in Leeds West Yorks.
Going to contact elainec100, but if anyone local would like to help/quote please let me know.

Elaine - expect an email soon

elaine@cheapaccounting · Mar 29, 2010

nc35 said:
Hi All
I am based in Leeds West Yorks.
Going to contact elainec100, but if anyone local would like to help/quote please let me know.

Elaine - expect an email soon

Great and we have someone local to you - so that is two ticks

MASSEY · Mar 29, 2010

I thought if you were a ltd company you had to have a thrid party do your accounts regardless?

elaine@cheapaccounting · Mar 29, 2010

MASSEY said:
I thought if you were a ltd company you had to have a thrid party do your accounts regardless?

Nope you can do them yourselves and even if you have an accountant - remember anyone can call themselves an accountant:

http://www.cheapaccounting.co.uk/news/praccountant.php

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Calculating Corp Tax

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