HMRC - Web Filing of Accounts

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    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 ?

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      #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

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        #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..

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          #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.

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            #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

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              #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 .

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