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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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Am preparing to file CT600 /e 31/3/15 but have noticed and error in the previous

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Hi - am preparing to file CT600 for y/e 31/3/15 but have noticed and error in the previous y/e 31/3/14 return... As i understand I can either ammend the 31/3/14 return and resubmit or change the PYR column in the 31/3/15 - wondering which is better?...
Regards,
Kris
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Kris, thank you for your question..Please advise what the error is and would it affect reported profit for last year?How significant is the error? Many thanks
Customer: replied 1 year ago.
Hi - there are two errors resulting in the profits for PYR profits being understated by about £2.5k, so about £500 CT underpaid but also I think there is small amount of Captial Allownce that could be b/f to reduce slightly
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your reply.This is what I would do.File this year's return with correct comparatives for last year.Amend the CT600 Return for last year to reflect the correct profit and capital allowance,If you have problems sending the amended return online, send the amended computations for last year in the post. I hope this is helpful and answers your question.If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.
Customer: replied 1 year ago.
OK thanks -1) So I should file this years return first? then file the ammened PYR?2) I thought you only have a 12 month window to file an ammendment - If I can't file it online will they accept it by post given it won't arrive until after 31 dec?
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your reply.A company can amend its return, including the selfassessment, at any time within 12 months of the filing date. The time limit is not extended if a return is delivered late. It follows that if a return is delivered more than 12 months late, no amendment to the return or self assessment can be accepted.More information on this can be found herehttp://www.hmrc.gov.uk/manuals/commanual/com130030.htm.The filing date for y/e 31 Mar 2014 is 31 Mar 2015.I would send this year's return first.I hope this is helpful.
Customer: replied 1 year ago.
Hi - OK, I'm used to filing using the online CT600 which does both Companies House and HMRC so I guess I got used to doing both within 9 months of year end.FYI - the PYR CT600 was filed 31/12/14.So, if I wait until Jan to file the current CT600 and PYR CT600 ammendment I guess I'll have to file my current year accounts with Companies House separately and also pay the Corp Tax due to HMRC by 31/12/15? I will also pay the additional PYR CT due so at least it's on account?Does that sound correct?
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your reply.You can file both accounts at CH and CT600 with HMRC using HMRC software before 31/12/2015 if your accounts fo 2015 are ready.Atleast you will meet CH deadline and ahead of HMRC deadline.Pay tax due for 2015 on due date i.e. by 1 Jan 2016.If you know what the additional tax for 2014 is I would pay that immediately notwithstanding the fact the amended CT600 Computations for 2014 may be sent in Jan 2016. I hope this is helpful.
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4935
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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Customer: replied 1 year ago.
Ok - understood. Thanks for the advice.Kris
Expert:  taxadvisor.uk replied 1 year ago.
I thank you for accepting my answer. Best wishes.

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