HMRC - Web Filing of Accounts

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    HMRC - Web Filing of Accounts

    I have two properties with an income of £9,000. HMRC does not allow web filing accounts if income is over £5,250+. The options seem to be a) buy and use software acceptable to HMRC or b) use an accountant who has such software and charges £250 + VAT pa. As I file accounts directly with HMRC for another company with a much higher turnover, it seems silly to be faced with these two option for such a small income. I don't really want to pay someone else to do what I can, and do, do myself. Can anyone advise a solution or offer other options?
    EsmereldaJane5

    #2
    Have you asked HMRC about what software to use for online returns?

    I thought the online return was required for quarterly VAT returns ?

    Comment


      #3
      Hi Gordon,

      The income is too low to be registered for VAT. HMRC have a list of software but when I looked a year or so ago, it was quite expensive. I wondered if others had a similar situation and what they did.
      EsmereldaJane5

      Comment


        #4
        If you use a separate bank account to receive the monthly rental payments and pay the expenses by cheque, your bank account statements will serve as your bookkeeping records.

        For rental income of around £9K total , you can probably submit a paper tax return SA 200 . This form requires you to declare the total rent received , the total expenses paid and the surplus ( your rental profit or loss ).. So I think buying software is not necessary..

        Comment


          #5
          I bet accountant will be able to identify £250 of savings, and his bill is tax deductible also. Thirdly, any mistake found years ahead will be on his head rather than yours. Go with the accountant IIWY.

          Comment


            #6
            Thank you Gordon999 and JKO, both very interesting. I do the book-keeping and use a spreadsheet with all income and outgoings, plus bank account, so when I hand it over to the person who submits they literally enter the info provided and submit. They offered to submit our CS01 for £40 plus VAT, which took me less than 10 minutes to do . I wouldn't object to paying except they are merely entering the info provided, as I have done in the past for our other company. It's frustrating because I'm familiar with doing the HMRC returns online, using Joint Accounts, which provides the info to Companies House. I just wonder what other small property management companies do? However, Gordon999's comment on the SA200 seems the most pratical, albeit a step backwards in this digital age.
            EsmereldaJane5

            Comment


              #7
              I suggest you ask the tax office to send you a paper version tax return for first year submission ( before 31 st Oct ) .

              Next year if you understand the system, change to online tax return .

              Comment

              Latest Activity

              Collapse

              • Reply to Could we be more tax efficient!
                by bobcat
                Thanks I will start to keep a diary of all my mileage and claim it going forwards...
                15-12-2019, 14:40 PM
              • Could we be more tax efficient!
                by bobcat
                Hi all,

                We are currently completing the annual tax return for my wife and just wondering whether we could be more tax efficient! We no longer have any loans on the properties or major replacements planned so our tax payable is more than previous years. I don't mind paying tax but am wondering...
                09-12-2019, 17:40 PM
              • Reply to Could we be more tax efficient!
                by bobcat
                Thanks I will go ahead and claim the £4 a week....
                15-12-2019, 14:39 PM
              • Reply to Could we be more tax efficient!
                by JK0
                It's only if you have an agent running the place, the flat is assumed to be managed from there, so your trips to the agent are deemed to be you 'travelling to work'. (Sounds nonsense to me, but there we are.)

                If there is no agent. or you are between lettings, I'd say you can claim mile...
                13-12-2019, 12:10 PM
              • Reply to Could we be more tax efficient!
                by jpkeates
                An employer can pay an employee £4 a week without it being taxable to cover the additional costs if the employee works from home.

                So I make the claim on the same basis and have done for years.
                No one's ever queried it.
                It's not consistent with the HMRC advice for small businesses,...
                13-12-2019, 10:55 AM
              • Reply to Could we be more tax efficient!
                by bobcat
                Hi everyone, thanks for all the advice and apologise for the delay in responding.

                I think of all the possible things mentioned the only things I don't claim for at the moment are mileage, home office and apportioning a phone bill so will look at those in more detail.

                In terms...
                13-12-2019, 09:53 AM
              • Responses from HMRC
                by AndrewDod
                Is anyone getting any responses from HMRC these days at all. I sent then two R17 forms with certificates of postage -- one a year ago, another a month ago. No response or acknowledgement at all....
                11-12-2019, 17:51 PM
              • Reply to Responses from HMRC
                by Gordon999
                You can call the tax office hotline , quote your tax reference and ask if your recent letter / form R17 has been entered under your file ?...
                12-12-2019, 22:56 PM
              • Reply to CGT Online Tax Return Question
                by Gordon999
                For calculation of capital gain after sale, the gain (= "sale proceeds" minus "acquisition costs" ) and you want to include the cost of 6 additional buildings and not kept the receipts, you still show the calculation in the tax return but you declare the acquisition cost is based...
                12-12-2019, 22:50 PM
              • CGT Online Tax Return Question
                by Tricky19
                I have a couple of questions relating to my online self-assessment for the CGT calculation on a rental property i have sold.

                I originally lived in the property as my primary residence and had some improvement works done which added to the value of the property. I will be deducting these...
                06-12-2019, 14:53 PM
              Working...
              X