Limited Company filing nightmare?

by Readers Question

8:22 AM, 1st March 2020
About 7 months ago

Limited Company filing nightmare?

Make Text Bigger
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



Comments

Neil Patterson

8:27 AM, 1st March 2020
About 7 months 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.

Alex Williams

8:52 AM, 1st March 2020
About 7 months ago

FTax is good and simple to use with on line explainer videos

Rennie

11:57 AM, 5th March 2020
About 7 months 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

michaelwgroves

8:17 AM, 7th March 2020
About 7 months 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.

Rennie

12:46 PM, 7th March 2020
About 7 months ago

Reply to the comment left by michaelwgroves at 07/03/2020 - 08:17
Thank you soooo much. I will check that out.

alocjtoi

14:10 PM, 8th March 2020
About 7 months 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.

Rennie

14:29 PM, 8th March 2020
About 7 months 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.

Paul Shears

21:52 PM, 18th March 2020
About 6 months 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.

Rennie

23:23 PM, 18th March 2020
About 6 months 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?

Paul Shears

23:30 PM, 18th March 2020
About 6 months 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.


Leave Comments

Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.

Forgotten your password?

OR

BECOME A MEMBER

First trial date December 2021!

The Landlords Union

Become a Member, it's FREE

Our mission is to facilitate the sharing of best practice amongst UK landlords, tenants and letting agents

Learn More