My Ltd company made no income for last year : Can I file the return by myself?

SarahPink

im-lost wrote: »

The simple answer is, you can file whatever you want by yourself, you dunt need an accountant to do it, you dint need to be audited or anything, in all likelihood you'll just need to submit abriviated accounts which is literally one page with a couple of figures on.

The longer answer would depend on what you mean by your company made no money,have you traded, have you made a loss, do you owe money to the tax man, etc etc but in either case you cab submit by yourself, but in some cases it's good to have an accountant do it, but it all depends on your circumstances.

Thanks a lot : I did not have any transactions for year 2011-2012 (and I was planning to make the company dormant, but since I have just changed my niche I would like to keep it trading).

I think for the abbreviated account it will zero everywhere except expenses where I can put my mobile/internet bill and website hosting.

I will also file my company return and accounts by next Monday.

SarahPink

Prothet_of_Doom wrote: »

Can you not declare the company as Dormant?

I could since I did not make any transaction but there are high chances that this will change shortly due to change of industry/niche.

paddyrg

SarahPink wrote: »

I believe I know where but I just wanted to be sure. Maybe I should call companies house for this confirmation.

Point I'm making is that if you're unsure where to submit a companies house online annual return (hint - companieshouse.gov.uk) then are you in a position to do a full annual tax return yourself knowing all the right numbers for the right boxes. Get it wrong and HMRC are likely to want to go through your books very thoroughly, which is a big and expensive deal.

The companies house return isn't difficult. The tax one is.

As I said, you *can* do your own corporation tax return but it isn't as simple as... actually I'm repeating myself. Hope you get it to work out.

imoneyop

SarahPink wrote: »

Thanks a lot : I did not have any transactions for year 2011-2012 (and I was planning to make the company dormant, but since I have just changed my niche I would like to keep it trading).

I think for the abbreviated account it will zero everywhere except expenses where I can put my mobile/internet bill and website hosting.

I will also file my company return and accounts by next Monday.

If you've got expenses then the company can't be dormant - it traded, but just didn't make any money.

SarahPink

paddyrg wrote: »

Point I'm making is that if you're unsure where to submit a companies house online annual return (hint - companieshouse.gov.uk) then are you in a position to do a full annual tax return yourself knowing all the right numbers for the right boxes. Get it wrong and HMRC are likely to want to go through your books very thoroughly, which is a big and expensive deal.

The companies house return isn't difficult. The tax one is.

As I said, you *can* do your own corporation tax return but it isn't as simple as... actually I'm repeating myself. Hope you get it to work out.

I will proceed for both since I do not really have the choice at the money (no money for payment of an accountant). I will do this by using previous documents filed by (previous) accountant.

paddyrg

SarahPink wrote: »

I will proceed for both since I do not really have the choice at the money (no money for payment of an accountant). I will do this by using previous documents filed by (previous) accountant.

Hope you get it to work out - here's a starting point which may be helpful -

http://www.hmrc.gov.uk/CT/managing/company-tax-return/how-to.htm

SarahPink

At the same time, since I had closed my company business account few months ago (because I was planning to make the company dormant), I hope it will not be an issue if at the end I do not make it dormant.

Presently I am trying to earn enough money in order to improve my credit score and to easily able to re-open another business account (I closed the previous one due to the bank excessive monthly charges).

paddyrg

Whichever bank you're approaching may be wary about opening an account for you if the company has any irregularities, such as closing one account before opening another. It's not a legal requirement as long as the assets etc can be easily identified etc., but may look irregular. At the very least, you'll need some kind of payment card in order to pay your companieshouse return (just £13) and it's a convenient way to pay any corporation tax you owe.

SarahPink

paddyrg wrote: »

Whichever bank you're approaching may be wary about opening an account for you if the company has any irregularities, such as closing one account before opening another. It's not a legal requirement as long as the assets etc can be easily identified etc., but may look irregular. At the very least, you'll need some kind of payment card in order to pay your companieshouse return (just £13) and it's a convenient way to pay any corporation tax you owe.

You just made remind that I will have to deduct at least £13 for my next poor income (but at least I start recovering slowly).

Thanks again.

AbbieCadabra

as per HMRC info page linked to earlier:

All companies that are required to file a return form CT600 online must file their accounts and computations in iXBRL.

i thought specific software was required to file CT600, it's not just completing a form online?

edit: looks like there's HMRC software that can be used for filing straightforward returns