CT / Accounts Filing Software

DebbieM

Hello

I run my own small business (not accounting related) and normally file my own accounts & CT return using the HMRC website. However, as of December 2015 the old PDF version of their online filing software is no longer available. In its place is currently a beta version of their new software which will not allow filing if there are capital allowances to claim.

I therefore either have to buy software to file, or pay an accountant to do it for me.

I'm wondering if anyone can recommend filing software to buy, which won't cost the earth, since I will only being submitting one set of accounts per year.

Many thanks,

DebbieM

MarieNoelle

Are you sure the new HMRC software will not allow claiming capital allowances?
A large proportion of small businesses would need to find an alternative software.

DebbieM

Yes Marie I'm pretty sure. I answered all of the questions at the start of the filing procedure and after I answered yes to capital allowances I got a message saying I couldn't proceed. I then tried again, but answered no to capital allowances and it would allow me to continue. I phoned the online services helpdesk and the chap told me that it was the case.

As it's a Beta version, maybe the final version will include capital allowances, but I didn't ask.

As you say, if it doesn't, there will be a lot of small businesses like mine who will need to buy software, or pay an accountant which is good news for accountants!!

MarieNoelle

This is really unhelpful from HMRC.

There are several filing software companies that are not too expensive.
I personally use Taxcalc for CT600 (just googled and for a single company prices start at £90 per year)
But you would also need annual accounts filing at companies house, something like VT annual accounts (about £150 a year).

I guess it is for you to see whether the cost of the software plus your time is worth spending on an accountant!

DebbieM

Thanks Marie. Taxcalc was the first one I found when googling earlier, and £90 per year seems ok. I think I will need the iXBRL add-on too?
I had my accounts submitted by an accountant last year (as I needed them urgently for my mortgage application and didn't have time to do it myself) and she charged me £720.
Clearly £90 + £25 is a much better deal since I have the time this year. I felt £720 was quite a lot considering I had already taken the TB from Sage into a spreadsheet and done my own tax calcs, prepared final P&L and BS, etc. etc. All she had to do was file them.
I can file online at Companies House separately for free so that's not a problem.

burg

@DebbieM the price sounds ok for last year. Obviously if you can do them yourself great and you save some money.
Even if there is a reconciled TB data still needs checking and entering into accounts prep software and then tax calcs done in own software as they have to be submitted in iXBRL format too.
You aren't always paying for the time involved either but the knowledge of the person(s) involved.

Yes you will need to file iXBRL accounts correctly tagged and the tax comps as mentioned above.

DebbieM

An update on filing at HMRC - I tried again on their website on the new beta software, and I answered 'no' to capital allowances in the initial questioning. I made through P&L and BS entries and notes, and through CT calcs. In the CT cals there was one box to enter the tax value of capital allowances claimed. There hasn't as yet been any opportunity to break down Plant and Machinery, AIA, Disposals, etc.

I'm now stuck at the breakdown of intangible and tangible assets where I always get stuck because roundings have put me a pound out to the balance sheet. Does anyone have any advice on this?

DebbieM

Quick update - I decided to try Taxcalc - had a free trial and it seems like it will make my life easier each year end so I've signed up.

I have a question on this and have posted it separately.

burg

We have a policy internally that we always adjust our depreciation in year one of an asset in order to avoid having NBV's that contain pence and therefore the potential for rounding differences.

AMS_Accountants

I was under the impression that the new HMRC software would not affect users filing for their own company. The change came about because most accountants file with third party software so HMRC were looking to remove agent filing.