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CHAMP
Good evening everyone,
I'm just filling in MyCo's Annual Accounts & CT600 (from HMRC's PDF) and all is going well (with the exception of a few PDF-related bugs).
However. (There's always a 'However', isn't there?).
In FreeAgent's "Corporation Tax" -> "Taxable Profit" section, the "less Capital Allowances" value does not appear to map to any box on the CT600. This wouldn't necessarily be a problem, however I have absolutely no idea how FreeAgent comes to the figure that it does in my accounts (I cannot click it to drill down at all).
Needless to say that I can proceed and ignore this figure in the return, however this is a precious number that reduces the profits chargeable to Corporation Tax, so I would dearly like to enter it in the CT600 PDF.
Any advice would be warmly welcome.
Best Regards,
Mike Wilson
P.S. Was Emily writing a guide to filling in the CT600 from FreeAgent's figures?
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I’m
perturbed
HMRC's CT600 - where to enter FreeAgent's "less Capital Allowances" value?
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Got it.
(Please don't take this as accountancy advice but...)
When working through the CT600, select to NOT use the computations section. You want to simply provide the values, not to copy the fields.
This gives you instead of a FreeAgent-esque entry form, a simple CT600 which asks for the summary values directly, rather than attempting to generate them for you.
At the next section, "Box 3" appears to be the place to enter the tax adjusted profit (including Capital Allowances). There. That's the one.
I'm sure someone from FAC will see this so here's my request:
Please make all the CT600 fields (feel free to contact me to discuss them if you wish) available via the API. That way I can connect to the API and generate and file a CT600 from FreeAgent (I'm serious!).
All the best,
Mike -
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Oh dear.
If you do this - HMRC require the Computations in XBRL format which FreeAgent currently doesn't generate :( -
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...so you have to use the calculator.
the "Writing Down Allowances" goes in the section HMRC provide as, "Plant & Machinery". The only other option being, "Expensive Cars". There are no other sections available in the CT600 for providing Writing Down Allowances/Capital Allowances.
I hope that this helps somebody.
All the best,
Mike -
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You could always get an accountant yo do it that way you never know you might actually save some of the tax you are paying.
You are saving yourself money here on accountancy fees but how are you potentially losing in saved tax opportunities?
(Yes I am an accountant)- view 2 more comments
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Thank you Mike for this thread - I too opted to do my own accounts this year and will be posting my experience on this forum :)
Accounts can get complex and some times an accountant's advice is invaluable, but I imagine quite a handful of FreeAgent users can do just fine without one.
I'd say on average we spent around £1,500 per year on either accountants directly, or bad advice given by accountants such as using cash more (bank charges), not back dating VAT when we registered, excluding all sundry allowances, poorly reconciled VAT returns, etc. Like yourself, our experience has been an accountant costs more than any saving obtained and cannot know your business as well as you do. -
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It is very sad to hear these things particularly as it is something that I hear all to often. As with any profession there are the good, the bad and the damn right ugly and it is a shame that you have had more than bad experience.
It is going to take time but I am hoping that the newer 'Facebook' generation of accountants can bring something different t the table and change people's perception of accountants - it is going to be a long hard fight. -
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Hi Jon,
Thanks for helping Mike with his question.
Regards
Charissa -
EMPLOYEE
