Amending year-end accounts later

[muenster]

I wasn't really paying attention to being tax efficient in 2015/16.

- I have unsubmitted expenses (receipts). What if I submit them next year but for the tax year of 2015/16, will they get accounted, how and when?

- What if I paid myself more dividends in 2015/16, would that result in less corporation tax?

- How are the dividends taxed - at 7% up to what amount? what % after that?

- If I had liabilities in 2015/16, receipts not paid, and I only pay them later in 2017, would this result in a lesser tax for 2015/16 or 2016/17?

 

[StevensOnln1]

What's the total of the expenses you haven't yet claimed for 2015/16? The amount of dividends paid have no effect on corporation tax as they are a distribution of profit after tax has been accounted for.

 

[@aiteoconsulting]

Dividend tax link:

https://www.gov.uk/tax-on-dividends/how-dividends-are-taxed

 

[muenster]

What's the total of the expenses you haven't yet claimed for 2015/16?

Not sure how this matters but I guess 10% of total profit as it stands now could still be claimed as expenses.

 

[Scalloway]

You have 12 months from the original filing date to submit an amended return

https://www.gov.uk/company-tax-returns/making-changes

You will need to submit amended accounts to Companies House as well

https://www.gov.uk/annual-accounts/corrections-and-amendments

 

[QF Accounts]

Remember: Accounts submitted to Companies House must be done on paper and you must write word "amended" on the front.