Inexpensive tax submission software for corporation tax

[Pistom]

Can anyone suggest software for a micro entity to submit corportation tax please?

HMRC have advised that due to the fact that the company trades in both £ and € that their online service isn't suitable and have suggested that one of the following are used

https://www.gov.uk/government/publications/corpora...

There's quite a few to choose from there but I wondered if anyone had experience of suitable software?

[Eric Mc]

Pistom said:

Can anyone suggest software for a micro entity to submit corportation tax please?

HMRC have advised that due to the fact that the company trades in both £ and € that their online service isn't suitable and have suggested that one of the following are used

https://www.gov.uk/government/publications/corpora...

There's quite a few to choose from there but I wondered if anyone had experience of suitable software?

Sounds like a nonsense comment by HMRC.

Under UK accounting rules, no matter what currencies a UK business uses in its business, its formal accounts (and the related tax returns) are always stated entirely in Sterling. Any fluctuations due to currency rate changes in the year are reflected in a heading called "Profit /Loss on Exchange" in the business' profit and loss account. This applies to sole traders, partnerships and limited companies.

If you are able to submit a Sterling Corporation Tax return at the moment, then you should be able to continue as normal for the time being. At some point, Making Tax Digital will be introduced for Corporation Tax but that won't be for a while.

[Pistom]

When you go through the submission questionaire, this is the response below and if you select yes then they tell you that you can't use their service and have to use third party software to make the submission.

[Eric Mc]

Are you preparing formal limited company accounts?

[Pistom]

Yes.

[Eric Mc]

Do you submit these to HMRC along with the Corporation Tax (CT600) return?

https://easydigitalfiling.com/kb/how-to-report-for...

[Pistom]

Not quite sure what you mean but from that it seems that there is a place on the form to submit currency losses/gains so really not sure why the HMRC submission needs a 3rd party software solution.

From that, it looks straight forward enough so I'm not sure if I'm missing something.

[Eric Mc]

Are you not making use of an accountant?

The software I use handles this without any issues whatsoever.

[Mr_Megalomaniac]

Whilst you're still going through the questions as to other methods, I would personally comment that Workiva is excellent, but I think will be out of your budget possibly (give them a ring and chat, why not). And in that case I would suggest Xero as a lower cost alternative.

Of course I say this with no knowledge of your business lines, so please do look into it on your end as well.