Corporation Tax Return submission?

[MrChris]

Hello all,

I need some advice please.
I have a micro-entity (Ltd) which in accounting terms is active but financially-wise is almost dormant.
The company is of course required to submit the Corp. Tax details to HMRC.
Note that although the company hasn’t turned over much it does hold a foreign bank account (in EUR).

I have prepared the full accounts** for submission however when I go to submit them I have to answer “yes” to the eligibility-question related to foreign currency.
As soon as I do that the portal is telling me that I have to submit the return using software only.

Considering the finances are very tight which option do you suggest to me?
Any ideas what is the most economic software I can use for this purpose?

** (P & L, Balance sheet, Closing Trial Balance)

Any help is much appreciated!

 

[Spur Support Services]

The Euro account shouldn't really raise a problem, as long as you have translated it into GBP for your trial balance and accounts purposes.

Use the HMRC facility to prepare your micro accounts, submitting at the most simplistic level available.
"Full accounts" are not required.
"Full accounts" would refer to accounts where the Company Directors choose not to claim all the disclosure exemptions available to Micro companies.

I encountered the HMRC Online accounts and tax submission facility recently with another client, talking them through their completion during a online Zoom call.
It took us about an hour to submit.
He had tried on his own previously and given up as he got stuck on one or two of the questions during the accounts preparation stage.

Have a look again at your choices early in the process. Avoid anything that refers to "Full Accounts". Go for minimal "Micro" and you may find yourself back on the right path.

 

[Scalloway]

I used Ftax.

https://www.ftax.co.uk/index.php?ac...age&packageId=466&package_group=Business_2020

 

[MrChris]

The Euro account shouldn't really raise a problem, as long as you have translated it into GBP for your trial balance and accounts purposes.

...
Have a look again at your choices early in the process. Avoid anything that refers to "Full Accounts". Go for minimal "Micro" and you may find yourself back on the right path.

I read your answer however I am still not sure..
The question while starting the CT600 says:
-->
Do you need to report any of the following in your accounts?
foreign currency transactions - where you are paid or pay someone in a currency other than pounds
<--

Considering that the company has a EUR account and has been paid in EUR (from invoices written in EUR) shouldn't the answer be "YES"?
The company has also paid a supplier in EUR.

All transactions relate to electronic services (not physical goods) and I have also done EC Sales List and MOSS VAT returns. I had to be VAT Registered
Obviously I have "translated everything into GBP (@HMRC rates) for all the above purposes and general accounting.

Why do I see the negative answer in the CT600 as a "false statement"...?
Please enlighten me.

 

[Scalloway]

Considering that the company has a EUR account and has been paid in EUR (from invoices written in EUR) shouldn't the answer be "YES"?
The company has also paid a supplier in EUR.

The Euro account shouldn't really raise a problem, as long as you have translated it into GBP for your trial balance and accounts purposes.

I take it to mean you just use the GBP values in your accounts at the year end. Thast seems to me to be the simplest answer.

 

[MrChris]

I take it to mean you just use the GBP values in your accounts at the year end. Thast seems to me to be the simplest answer.

Hi Scalloway,

Yes, OK I understood that but my original question remains the same. Do I way YES or NO to the HMRC's question on eligibility of the CT600 submission portal?

If I set YES then the HMRC portal does not allow me to submit the CT600. I need to use software.
This is my whole point... :-(

 

[Scalloway]

If you say NO and use the GBP values I don't see a problem.