Limited Company filing nightmare?
I know Property118 likes a campaign every now and again, well how about this for the next one? Like many others, I’ve gone down the limited company route. When it came to filing my tax comps and statutory accounts online using the HMRC software, I was asked a series of questions.
When I answered “Do you have property income over £5,200” I was met with a message saying I had to use third party software and couldn’t use their system.
This added a level of complexity to say the least – and of course extra time and cost.
I spoke to a tax inspector who agreed the rule was crazy, but that the only way to get it changed would be for people to highlight it enough for it to get raised at the appropriate level.
Any chance you can use your powers please?
Neil
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Member Since February 2011 - Comments: 3453 - Articles: 286
8:27 AM, 1st March 2020, About 6 years ago
Hi Neil,
We are absolutely flat out at the moment helping Landlords with our tax consultations before April 6th. >> https://www.property118.com/tax/
However, our advice has always been regardless of the 3rd party software that a good accountant will nearly always save you more than they cost.
Member Since April 2014 - Comments: 39
8:52 AM, 1st March 2020, About 6 years ago
FTax is good and simple to use with on line explainer videos
Member Since April 2017 - Comments: 225
11:57 AM, 5th March 2020, About 6 years ago
I would like to know about this too. If anybody else is interested would they put in a comment so they can be contacted and then if there is enough interest perhaps we can campaign
Member Since October 2016 - Comments: 155
8:17 AM, 7th March 2020, About 6 years ago
I use https://easydigitalfiling.com/public/pricing
For tax return it’s £59, the software is really user friendly, and if you get stuck there is an online chat. I found the guys really helpful.
It has a very clean user interface, it’s all online so nothing to install.
I looked at a lot of the competition and they were easy winner for me.
Member Since April 2017 - Comments: 225
12:46 PM, 7th March 2020, About 6 years ago
Reply to the comment left by michaelwgroves at 07/03/2020 – 08:17
Thank you soooo much. I will check that out.
Member Since March 2019 - Comments: 30
2:10 PM, 8th March 2020, About 6 years ago
I use the HMRC online filing regardless (answering “no” to the property income question) as come audit, the penalty is dependent on the tax underpaid, not the software used, and the tax amount is just the same, so no penalty expected.
Member Since April 2017 - Comments: 225
2:29 PM, 8th March 2020, About 6 years ago
Reply to the comment left by alocjtoi at 08/03/2020 – 14:10
Thank you for this information. My limited Co is operating my serviced apartment so I, too, said no to the income from property question although the income was less than £5,200 but the question is still asked even though my amount is less. I have no tax to pay as it is first year and there is a loss but my tax return should have been in by Oct. I was more than 3 months late so I am expecting to get fined £300 but that would be less than the £700 +VAT that my accountant tells me he would charge (full accounts – which I don’t need) I am just trying to work out what to do next year so all the suggestions have been helpful and I will certainly check them out.
Member Since July 2013 - Comments: 648
9:52 PM, 18th March 2020, About 6 years ago
Reply to the comment left by Rennie at 08/03/2020 – 14:29
£700 + VAT for one apartment!
There must be something I don’t know here.
Member Since April 2017 - Comments: 225
11:23 PM, 18th March 2020, About 6 years ago
Reply to the comment left by Paul Shears at 18/03/2020 – 21:52
yes, there is more than just the 1 apartment but the rest I had before and the apartment and the ltd co are new this year so even if this amount includes the rest then it is still a lot more than before and I don’t need full accounts/audit. Does it still sound wrong?
Member Since July 2013 - Comments: 648
11:30 PM, 18th March 2020, About 6 years ago
Reply to the comment left by Rennie at 18/03/2020 – 23:23
Possibly not but I do not have sufficient relevant experience or detail to comment. Others will certainly know better than I.