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taxadvisor.uk, Chartered Certified Accountant
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Hi, Hoping someone can help. Pulling my hair out using HMRCs

Resolved Question:

Hi,

Hoping someone can help. Pulling my hair out using HMRCs joint filing software :-/

I am a single person company first year trading only me as the Director. I run IT projects so 75% of my time has been working directly on projects so have allocated 75% my Salary to Cost of Sales (I have timesheets billed to clients which back it all up) and have prepared & submitted my accounts to companies house & using the HMRC joint filing service on that basis.

In the computations section of the online CT600 this is what I have done:

Trading Account Section:

Direct Overheads related to cost of sales (CP11): £7500

Expenses section:

Directors remuneration: £2500


The total Directors remuneraton is £10,000 so in their computation it looks as its £2500 and there is no facility to add a note anywhere...?


Q - is it ok to do this - if not how best to proceed.
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.
Hello and welcome to the site. Thank you for your question.

My advice to you is to put the total cost as an expense under Director's remuneration and there is no need for a note.

This figure would also agree with the figures shown on P60 etc.

Consider the matter of allocation of costs as internal accounting for gross margin analysis etc.

I hope this is helpful and answers your question.


Customer: replied 2 years ago.

Thankyou that's very helpful. Stuart.

Expert:  taxadvisor.uk replied 2 years ago.
Stuart, thank you for your good words.

If you are happy and there are no more issues I will appreciate if you would kindly rate the service I provided to ensure I get credited for it.

taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4882
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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Expert:  taxadvisor.uk replied 2 years ago.
I thank you for accepting my answer.

Best wishes

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