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Micro Entity accounts and Taxfiler process

  • Fellow PM.Dip
  • Practice Licence
  • 90 posts
  • # 115118

Hello,

I've completed the FRS105 exam, but am finding the process in reality somewhat more difficult than the study!

I'm wondering if someone has a flowchart for completing accounts and CT600 return, as I'm a bit lost as to the order of everything.

Taxfiler doesn't seem to bring the accounts figures straight into the tax return, so I've put them in manually.  So at the moment I have draft accounts and draft tax return.

What next?  I seem to be going around in circles.

The other thing which would help would be a template for sending the accounts out for signature...

All wisdom appreciated!

Many thanks, Fioan

  • Member
  • Practice Licence
  • 39 posts
  • # 115158

Hello Fiona,

 

I'm doing the study (slowly!) I don't have a flow chart but the sequence would be:

Finish draft accounts.

Start a new Ct600 and click on trading profits.

From there you can add various sections the most likely being:  Trading Income

on that section:Go to Data Input and: Enter turnover (manually)

Then do Adjustments To Trade (things like entertainment, depreciation etc)

Then do Cap allowance and hey presto you should get a tax computation.

Then its back to the accounts to make the adjustments for corp tax etc (based on the assumption you use Taxfiler to do the computation)

Then you have a draft of accts and ct600 for client approval.

Thats how it appears to work on the Taxfiler demo site

As far as I can tell Taxfiler won't populate the Ct600 because the figures used for the tax comp are not the same i.e depreciation in the accounts is nothing to do with Cap Allowances on the Ct600

Hope that helps a bit.

  • Fellow PM.Dip
  • Practice Licence
  • 184 posts
  • # 115168

There are quite a few Taxfiler tutorials on youtube, perhaps these may help.

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