Hi... I haven't accounted for them anywhere yet! I didn't know whether they are regarded as expenses or costs. The penalty totals 200.00 and interest 25.76.
Penalties levied for late filing of corporation tax returns are not tax allowable, I'm afraid. More information on this can be found here
Interest charged on late or underpaid corporation tax is deductible against profits for corporation tax purposes. https://www.gov.uk/corporation-tax-interest-charges
As far as accounting for them is concerned, you should show £200 as administrative expenses (Box AC20) and £25.76 as interest payable and similar charges (Box AC30) on your profit and loss account within Accounts section of CT600 Return.
When you get to Computations Section of CT600 Return… on the adjustments page
Penalties are added back under Penalties and fines (Box CP52).
I hope this is helpful and answers your question.
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Once again I am having difficulties getting the balance sheet to tally with the p&l. Do I add depreciation of fixed asset (a PC) into admin expenses on the P&L.
Thank-you. I have one last point to clarify before I probably need to buy another answer! I am filling out the notes for Tangible assets. These comprise a PC bought for 2693, being depreciated at 1/3 over 3 years. I have already accounted for 898 depreciation last year (Y1) This year (Year 2, the asset is charged again at £898, the final Y3 charge will be £897. I am not sure what entries to make for this section. I attach a screenshot.
Hi! I have accepted your offer and made payment. I'm just going through the Accounts/Notes section. If i get stuck I will be back! Many thanks
Hi...more of a general question. Y1 tax for this business was year ending 31 Oct 2013. Tax owing was 1532.40. Due date for payment was 4th July 14. 1532.40. I was late making the tax return so this was paid in Jan 15, and a late penalty and interest was applied. I am now making the return for year ending 31 Oct 2014. because the payment itself for Y1 was actually made OUTSIDE the time frame of Y2 should I treat the cash flow as being part of 2014/2015?
Morning! I am just submitting now. In AC198A do I submit today's date as Approval date, as it is a late submission, or should I approve them as of the reporting date, 31 OCT 2014 ?
Thank you. I delivered my returns and computations (hopefully) successfully, with your help.
Hi...I have a new and v basic question for you re. submitting accounts. For the company concerned, last year an operating loss was returned of £1780. In the Profit and Loss account for THIS period, can I make a provision for this? The current profit is showing as £2707.
I need to pay you for this. How do I do that?
I am directed to another advisor when I try to ask a new question. Is there a shortcut to you?