urgent ct600 help

[Deleted member 135863]

Hi, I urgently need to complete an overdue ct600 form as they have fined me which I want to try and get out of. I want to do it myself as have less than 20 sales and avoid paying an accountant. I just have a couple of queries.

I have put my turnover as £14700 inc vat - I assume this is correct?

I have put profit as £0

I have 6 invoices where I paid another company for their services. And therefore resulting in zero profit.

Is there a specific box I need to put these outgoings in?
Many thanks,

Martin

 

[Mitchells Bristol]

Is there a specific box I need to put these outgoings in?
Martin

Nope - they are not expressly stated in the CT600

 

[elaine@cheapaccounting]

Are you vat registered? Your profit is income - costs

So far you have not recorded any costs.

IMO I really do think that you need an accountant.

 

[elaine@cheapaccounting]

Did the company make a loss. You will need the accounts to attached in iXBRL format to send with the CT600. These do need to be in a specific format - this is a companies act requirement I'm afraid. Limited co accounts are complicated and we do find that most cannot do them without help. Good luck though. I know how annoying it can be when the business isn't making any money but you still need to form out to get the forms filed.

 

[Deleted member 135863]

Thanks for your quick replies. yes I am vat registered.

so I just need to put my turnover (£14700) in then £0 in the profit box and can leave everything else blank or £0?

is that correct?

 

[Deleted member 135863]

No it just broke even as whatever it generated I gave straight back to someone who did the work for me.

 

[elaine@cheapaccounting]

If vat registered the turnover should be net of vat assuming not on FRS

 

[Mitchells Bristol]

so I just need to put my turnover (£14700) in then £0 in the profit box and can leave everything else blank or £0?

is that correct?

Yes - broadly speaking that is all you need, assuming no losses or capital allowances to worry about. Obviously there are a few other boxes to fill in - basic company details etc.

 

[Mitchells Bristol]

this is a companies act requirement I'm afraid.

I hadn't appreciated that mandatroy iXBRL filing was a requirement of the Companies Act yet. Do you happen to have the relevant section number so that I can swat up!

Thanks

 

[elaine@cheapaccounting]

Did the company make a loss. You will need the accounts to attached in iXBRL format to send with the CT600. These do need to be in a specific format - this is a companies act requirement I'm afraid. Limited co accounts are complicated and we do find that most cannot do them without help. Good luck though. I know how annoying it can be when the business isn't making any money but you still need to form out to get the forms filed.

I hadn't appreciated that mandatroy iXBRL filing was a requirement of the Companies Act yet. Do you happen to have the relevant section number so that I can swat up!

Thanks

I can see how you have got confused here but I did actually say two things (2 sentences):

You will need the accounts to attached in iXBRL format to send with the CT600.

These do need to be in a specific format - this is a companies act requirement I'm afraid.

I did not say the iXRBL is a co act requirement - I said the specific format is a co act requirement.

I see that I must watch my advice very carefully with you around

 

[Charles Accountancy]

From the 1st April 2011, iXBRL became the manditory format that accounts must be submitted and attached with the CT600 corporation tax return.

You will need software to convert and tag your accounts into the iXBRL format.

I highly recommend VT software.

Here's a link with all the commercial software recommended by HMRC
http://www.hmrc.gov.uk/efiling/ctsoft_dev.htm

 

[Mitchells Bristol]

I did not say the iXRBL is a co act requirement - I said the specific format is a co act requirement.

I'm with you! Thanks for clarifying.

 

[Deleted member 135863]

Thanks again! So is there any free software I could use as only have about 20 items and will be closing the company down afterwards.

Thank again.

 

[Mitchells Bristol]

Something that simple you should be able to use the HMRC website I would have thought.

 

[Deleted member 135863]

Yeah I signed up to hmrc site last night but going to take a week to get the login details and really want to get it off by tomorrow as it is massively overdue.

 

[Charles Accountancy]

I'd be surprised if there was any free iXBRL tax return software, some of the software companies on the HMRC list may offer free trials.

As an advance warning, the HMRC online corporation tax return service, is not easy to use and takes a lot longer to work through than the commercial tax return software.