First time filing accounts - need some advise, pls

[bizres]

Hi,

It's the first time we're filing accounts at the Companies House & HMRC and I needed some advise on this pls.

Firstly, I would believe we're a small company and would be exempted from audit & director's report, 'cos our turnover was much less than ￡6.5m; we also have less than ￡3.26m on our balance sheet, and, we have fewer than 50 employees.
Do we need to apply for exemption at Companies House or is it as simple as including "For the year ending [...], the company was entitled to exemption from audit.........."?

Second, the accounts have been made in an online accounting software (Wave Accounting). How now can they be submitted into CH & HMRC formats (they say iXBRL).
Is there a way I can convert .csv into iXBRL and upload them into CH & HMRC?

The company was incorporated in mid-June 2012, meaning the statutory accounts to be submitted would be for the period 01 July 2012 - 30 June 2013 (well, we didn't start transacting till Jan 2013). The income statement for this period shows net profit (before corporation tax) was ￡84.56.
Is any Corporation Tax due? If not, how do we inform HMRC?

Would really appreciate some help on this pls.

Thanks in anticipation.

 

[kevin.doran]

You do not need to apply for exemption to file non-audited accounts.

Companies House do not require accounts in iXBRL format, they're still happy to accept paper copies for the time being. HMRC however do so if you're going to do this yourself you want want to look at HMRC/CH's free joint filing software which will do it all for you. There may well be software out thee that can handle tagging your existing accounts, it's just not something i've ever done as my software automatically tags.

As your year exceeds 12 months you can produce one set of accounts covering the whole period but may well need 2 CT600 tax returns - what does your reminder say? This will be based on the commencement date you supplied to HMRC.

 

[David Griffiths]

If you didn't start to trade until January 2013 you could consider shortening the first accounting period to end on 31 December 2012. That should mean that you can file dormant accounts with Companies House. You would then write to HMRC to tell them that the trade strated in January 2013 and future accounts will be made up to 31 December each year. They will then amend your corporation tax accounting periods accordingly

 

[helen0722]

There won't be any corporation tax due but you still have to file your paperwork with Inland Revenue.

 

[David Griffiths]

There won't be any corporation tax due but you still have to file your paperwork with Inland Revenue.

You don't if the company wasn't trading. You just need to inform them of that if they've issued returns for an incorrect period

 

[helen0722]

You don't if the company wasn't trading. You just need to inform them of that if they've issued returns for an incorrect period

That's exactly what I mean, but you still have to file something with HMRC not just word by mouth. Record needs to be kept.

 

[David Griffiths]

Telephone HMRC is word of mouth, and quite adequate

 

[helen0722]

Telephone HMRC is word of mouth, and quite adequate

I've always send paperwork in the past and duly received a thank you letter for filling your account from HMRC!