Statutory filing for BTL companies – £100 software required by HMRC?

by Readers Question

9:51 AM, 31st December 2018
About 2 weeks ago

Statutory filing for BTL companies – £100 software required by HMRC?

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Statutory filing for BTL companies – £100 software required by HMRC?

I previously bought my BTL properties in my own name. With the allowable interest changes I’ve bought the last couple in a limited company, set up for the purpose, for the obvious tax benefit reasons.

It’s time to file my first statutory accounts/tax computations with Companies House and HMRC. When doing the joint filing you’re asked a series of questions including whether the company had income from property over £5,200. When you say yes, you’re then told you cannot file directly, and are instead directed to a list of approved software providers. It seems you cannot file combined statutory accounts and tax return in one go using the HMRC system (as I do for other “normal” companies I run).

The software seems to cost over £100 and adds a level of complexity and cost that I wasn’t expecting. Has anyone found a way around this? Or is it better using a professional firm? I’m a chartered accountant and familiar with accounts but this is getting seriously hard work!

Any help appreciated.

Thanks

Neil



Comments

Neil Patterson

9:54 AM, 31st December 2018
About 2 weeks ago

Hi Neil,

I am sorry we give everything to our accountants and just sign off the figures so the real nitty gritty is not something we are expert in.

Alistair Cooper

11:02 AM, 31st December 2018
About 2 weeks ago

I had the same experience Neil . Although I had the pleasure of a fine for late submission on top as there is no mention of this ‘extra 3rd party software’ requirement up until you are almost there with submitting. Companies House does not need any additional software and there is no clear reason why HMRC cannot cope with a property company using their standard platform for submission. I am currently appealing the fine on this basis.....

Martin Thomas

14:50 PM, 1st January 2019
About 2 weeks ago

I had the same problem Neil. It's a real pain but I came across Forbes accounting software - see link below.
http://tax.co.uk/about-us/
They charge £60 per annum to provide an unlock code that allows the CT600 to be submitted.
All I do is prepare my company's accounts as per usual in Excel, then key in the trial balance figures - I don't use their system to maintain my accounts. I'm a CIPFA accountant so don't use an external accountant.
Hope this is helpful.


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