Corporate Taxation

[houba]

Dear Members,

I have been working as a contractor since 2010 and have my own UK LTD Company.
My accountant has been doing the accounts since.

His fees are quite high and I really need to save money, so I would like to do the tax returns myself.

* Can I do the Corporate Tax Returns myself?
* What things can I claim?

I'm a UK national, living and working in Belgium.

* If I have purchased a house and wish to convert 1 room to a Home Office, can I expense that?

* Does HMRC check all receipts? Do I need a receipt for everything? For example, my average fuel consumption is 86 euros/2 weeks. Sometimes its more, or less. Do I need to keep all these receipts?
Thanks,
Houma

[arrumac]

How much do you think is high? From my research about 1000GBP PA (sorry on a US keyboard in Aus) seems to be the norm.

I'm using a local accountant though, for Wages, personal returns, corporation tax returns, annual accounts, filing with HMR&C and Companies House £545 + VAT. Ill be doing my own flat rate VAT returns (or the wife will to earn her keep), he quoted an extra 250 +VAT but its not that complicated TBH.

I don't think you can claim petrol per se but you can claim business mileage from the company at 45p per mile for the first 10K then 25p thereafter.

For your other questions google is your friend or in realily that's what your accountant is for. Bend his ear and make them work for their corn.

Good luck A.

[mudskipper]

You've been operating since 2010 and don't know what you can claim?

Sounds like you definitely need an accountant.

[cojak]

And you're working in Belgium? Not only do you need an accountant, you need a tax advisor as well...

[northernladuk]

I love these posts about being their own accountants. It's the same every time. A question about can they do their own accounts and then a question on their accounts they cannot answer and should be asking an accountant in the same post.

You can't make this stuff up

[captainham]

If you can answer these questions yourself, then by all means try going it alone without an accountant.

If you can't....then stick with an accountant...

[jamesbrown]

* What things can I claim?

Accountancy.

[Scruff]

Bubba is goin' ta luv your ass...He is goin' t'make you scream like a pig!

How much is your Accountant charging you?

[pjclarke]

Surely this needs a 'sticky' in Acc/Legal?

I had one year when I was only contracting for a month, so gave doing the accounts a bash rather than paying a professional. Never again!

Even the short version of the CT600 corp tax return has language like:

Trading losses of this or a later accounting period
under S393A ICTA 1988

and

Put an ‘X’ in box 80 if you completed box A11 in the
Supplementary Pages CT600A

Seriously, unless you're using accounting software that generates the return for you, the time it would take getting up to speed enough to be confident you've done it right, (not to mention any liabilities from previous years that your accountant may know about that you don't, or changes in the rules) would take several evenings burning the midnight oil, time better spent on your actual skillset.

The advice is always the same: a good accountant will save you money and time.

[TheFaQQer]

* Can I do the Corporate Tax Returns myself?

Absolutely. There are lots of people who do it themselves.

* What things can I claim?

Everything that is wholly and exclusively for the business, plus some extra perks as well. Need a new 50" plasma - it's a monitor, isn't it? Bang it down and claim the lot. Need a new camera? Take a quick snap and stick it on your LinkedIN profile and claim the £1000 it cost you. Running low on cash? Sell the company some tat that you've got around the house at a massive increase, and Bob's your uncle.

There are loads of ways you can do it - just claim it and put it down as a "miscellaneous expense".

* If I have purchased a house and wish to convert 1 room to a Home Office, can I expense that?

Get the work done, and stick the receipts in as an expense. Don't forget to include "furnishings" - new "monitor", comfy furniture, projector, surround sound for those online training courses that you do etc. etc. If it happens to look like a home cinema, that's not really your fault is it - blame the decorator if HMRC ask! If not, then make it comfy and get the in!!

* Does HMRC check all receipts? Do I need a receipt for everything? For example, my average fuel consumption is 86 euros/2 weeks. Sometimes its more, or less. Do I need to keep all these receipts?

Only if they investigate, and you can always "lose" some of the more contentious ones. I had my wallet stolen a while back, and it had all manner of receipts in it to back up my claims. Shame, really

They can't expect that you keep the paperwork for everything, so if there is something you aren't sure of, then accidentally drop it in the shredder They know that these things happen, so I wouldn't stress much about it.

Now, get claiming, and fill your boots.