- Original Poster
- #1
Hi,
I have my first CT due, and I have a micro LTD.
While going through the HMRC free service to complete the CT, it's not allowed to use that service if you need to report any foreign currency transactions. My company paid a supplier in Poland and some subscriptions in dollars. But I have all the invoices in GBP, and I find it unfair not to be able to go through because of this reason. It's very easy nowadays to end up paying for something in a foreign currency. Because of this, it indicates I need to complete it through another service. I contacted HMRC, and they just told me it's a self-assessing system.
I could just answer "No" to that question and continue; all my figures are under £1k, there are no assets involved, and the foreign transactions are simple. I did not calculate anything; they were charged by the supplier, and my bank doesn't have any charges on them. So they are just like any other expense. I did check FRS 105 some time ago for this, and they are as simple as any other expense incurred within the UK in my case. So, it could be that I can answer "No."
Another thing is HMRC told me they no longer take CT tax returns through the post, and that usually, they only take those that are 2 years delayed…?
If I prepare the files myself, the same as those commercial software packages do, where would I submit them? Or can only those authorized submit? I can't seem to find where HMRC allows attaching the files and submitting the return manually.
I have studied accounting in another country and am now about to finish Uni in the UK. I would like to be able to do this myself. I am still researching around this.
Best regards,
I have my first CT due, and I have a micro LTD.
While going through the HMRC free service to complete the CT, it's not allowed to use that service if you need to report any foreign currency transactions. My company paid a supplier in Poland and some subscriptions in dollars. But I have all the invoices in GBP, and I find it unfair not to be able to go through because of this reason. It's very easy nowadays to end up paying for something in a foreign currency. Because of this, it indicates I need to complete it through another service. I contacted HMRC, and they just told me it's a self-assessing system.
I could just answer "No" to that question and continue; all my figures are under £1k, there are no assets involved, and the foreign transactions are simple. I did not calculate anything; they were charged by the supplier, and my bank doesn't have any charges on them. So they are just like any other expense. I did check FRS 105 some time ago for this, and they are as simple as any other expense incurred within the UK in my case. So, it could be that I can answer "No."
Another thing is HMRC told me they no longer take CT tax returns through the post, and that usually, they only take those that are 2 years delayed…?
If I prepare the files myself, the same as those commercial software packages do, where would I submit them? Or can only those authorized submit? I can't seem to find where HMRC allows attaching the files and submitting the return manually.
I have studied accounting in another country and am now about to finish Uni in the UK. I would like to be able to do this myself. I am still researching around this.
Best regards,
