Software for property company tax return?

Software for property company tax return?

6:48 AM, 3rd January 2020, About 2 years ago 8

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I owned properties in my name and completed self assessment returns. I set up a company and eventually bought property through the company and submitted dormant returns.

This is the first time I need to submit a return for the company. I collated all the figures, but when I tried to complete the return for the company the HMRC site says it’s not eligible as turnover from property is over £5200.

It seems I need to submit using specialised tax software so does anyone have any suggestions what to use?

I only have 3 properties and have always done my own accounts, so would prefer to submit myself rather than use an accountant if possible.

Thanks in advance for any guidance.

Sarah



Comments

by Neil Patterson

6:51 AM, 3rd January 2020, About 2 years ago

Hi Sarah,

The big two most recognised by HMRC have always been Quick Books and Sage.

We do use our accountants Pacific but also Quick Books as the software platform.

by Cathie

9:20 AM, 3rd January 2020, About 2 years ago

I don’t think you can submit accounts via QuickBooks or Sage, although they are good for the bookkeeping side. I have been told that Taxfiler is good.

by Martin Thomas

10:30 AM, 3rd January 2020, About 2 years ago

Yes, this is really annoying.
I use Forbes software. It costs £60 per annum for the 'unlock' code to allow the CT600 to be submitted in IXBRL format. I prepare my accounts in Excel then simply type the trial balance figures into Forbes and submit. It's a bit more complicated than that but it does work.
Their website is http://www.tax.co.uk
Tel 01908 584674
It might be worth phoning to discuss which package you need to download. I think it is Protax but all my accounts stuff is on the desktop and it isn't turned on at the moment.
They sometimes need a couple of calls.
Good luck

by Linda Price

16:04 PM, 4th January 2020, About 2 years ago

I've just submitted our company return via the Companies House web site via file and return using micro entity accounts, so it automatically follows on to the CT600. I've never used external software.

by Kathy Evans

16:15 PM, 4th January 2020, About 2 years ago

I use Taxcalc for the SA return, but accountant does company return. Inform Direct (basically free) is great for helping with Companies House filing, reminders and PSC return.

by Sunny K

10:14 AM, 5th January 2020, About 2 years ago

Hello Sarah,
We use Brian Carroll's software (https://easyfiler.co.uk). He charges £25 for converting account from excel/word to IXBRL and £15 for CT600 submission.

by Interested Landlord

16:16 PM, 8th January 2020, About 2 years ago

Thanks everyone for your comments and suggestions. I’ll contact the options you suggested and take it from there. In the end I submitted the online company return and put the income in a different area as I just needed to check whether I owed any tax before the payment deadline. I then phoned HMRC and explained that I’d used the wrong form. Interesting ly they told me to send in a paper CT600 with the property income in the correct box and just make sure I have the correct software for next tax year.

by Martin Smallpage

15:32 PM, 19th August 2021, About 3 months ago

Hi, I've just hit the same problem... I've submitted micro entity accounts via the joint HMRC / Companies House tool but when it then goes onto the CT600 I'm unable to enter the income in the correct sections as rental income is over £5200. I could just stick the income in the turnover section rather than property income section, but I'd like to get it right. HMRC say they are unable to advise


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