amending corporation tax return

[mickytruelove]

looking for some advice from anyone who has ever made an amendment to their corp tax return.

I started a limited company and at the start all assets and stock were valued and that was owed as directors loan to myself as it belong to me before starting the company. The accountant i hired is a bit old fashioned and i never thought about the value of the digital stuff like the website and she never mentioned it.

Fast forward a year and a friend is in a similar situation and had valued his Magento site with all the work done at £6000. I did some searching and it can cost £5-10k to pay for a Magento site all running doing what i have now.

I only have another 3 weeks to make amendments, i have paid the corp tax already but the amendment deadline is 12 months. Is it worth me getting my accountant to try claim this value or will it open a can of worms with HMRC?

[dfen5]

Value? What was the cost?

If it's to be offset wouldn't you need an invoice from the web developer? In which case it should have already been taken into account.

[Eric Mc]

Yes - what did the website actually cost to develop?

If you have evidence for its actual cost but you paid for it out of your own pocket and it was exclusively for the use of the company, then you COULD introduce the development costs into the company at its value at the date the business commenced. But you must have evidence of the original cost to show where how the valuation was derived.

[mickytruelove]

That is pretty much what i was thinking hence asking here. I built the site myself over the course of year before starting the company. It was only that a friend in a similar situation was asked by his accountant what it would cost to replicate the site if he had to replace it today.

[surveyor]

Sounds like OP is looking at is an Asset, rather than offsetting the cost in P&L?

Maybe I've misread it though.

[mickytruelove]

Yes, thats what i meant. As if i should have added it as an asset when forming the company.

[loafer123]

surveyor said:

Sounds like OP is looking at is an Asset, rather than offsetting the cost in P&L?

Maybe I've misread it though.

Interesting - what would be the benefit of doing so?

[Eric Mc]

If a genuine capital cost was incurred, then Capital Allowances can be claimed.

[andyb28]

Perhaps you also incurred costs in relation to Research and Development in order to provide the website?

[Grumpy Griff]

If its R and D tax credits your looking at you can go back and resubmit your Corporation Tax return for the past 2 full years.

I won't worry about resubmitting your CT tax return many companies do this.