Thanks for the help. You've answered most questions, but a few people have asked an unanswered question about why "Tax on Profit (AC34 and AC35) have been left blank. Do these need to be calculated and entered? Or are they only amounts paid (not accrued) in the year?
I need help with the next section after this video finishes, since all boxes (Turnover/sales, Cost of Sales and Cross pfoti or loss) from the Trading account details appear as 0 and I can't edit them. Can you help me??
Good evening Aaron, at 10.53 you mention about adding tax on profit but you don't enter a value. Do I have to calculate the tax due myself at the current rate and add this? How to I show this on the quickbooks P&L? Create a CT expense on the last day of the financial year and a tax liability on the balance sheet? Many thanks in advance, I don't want to get it wrong!
Have done my return, that was the easy bit thanks to your video - the hard part is the accounting transactions in quickbooks to reflect the payment of corporation tax from "retained earnings" any chance of a video explaining this part of the process? I tried quickbooks support and they refused to offer any insight!
Quick one. Great video but if I select micro entity accounts - when I get to the balance sheet the fill in options are different to your video (there is no cash in the bank option for example plus different boxes to fill in for the balance sheet. Do you have a step by step video for micro entity accounts you can point me towards - particularly for the balance sheet section?
Hi Aaron thanks for this informative video, I followed the video instruction to a T and at the mark 6.33 in the video im getting another page come up saying 'Your answers mean that you can only file with companies house only" which is annoying as I wanted to do it together ( Companies house and HMRC) as you have demonstrated in the video. Can you kindly advise me why they might have said this?
Thank you so much, very helpful for preparing my accounts! Quick question - my accounting period is more than twelve months since this is my first year. I'll need to file two tax returns to HMRC to cover the twelve months then extra. But if I follow your process here and file abridged accounts, can I file for both companies house and HMRC at the same time, even though the time periods are different?
What do I do if I've made foreign money transactions? It says I cant use the service. However when I look at my profit and loss report in QB it's all converted to GBP, so why does it matter? Can I just select No and submit the figures anyway? I'm not VAT registered so I can't even use the MTD feature!
@@TheQuickBooksChap thanks so much for this. When submitting accounts on companies house though is there an option to be ticked before getting to the accounts so that dividends can be added in for example should you tick yes to the option where it asks if you need to add a financial instrument?
I followed you until 12:30 where I got stock with error message ''Make sure 'Total net assets or (liabilities)' (box AC68) for the period you're filing for matches 'Total shareholders' funds' (box AC80) '' How can I calculate my Total net assets or (liabilities)'? My company offer services
Quick Question- I have filed the my return to companies house as dormant accounts How i filed the corporate tax. Because I get fined not filing the corporate tax. Help if possible Thanks
"Good morning, I'm interested in closing my limited company along with its registered brand. While I'm familiar with the process of closing a limited company, I'm uncertain about the implications for the brand. If I close the company, will the brand automatically be closed as well? If not, could you please advise me on the procedure for closing a registered brand in the UK?"
help me with this i did not understand about this what does it mean its my first time that i get a notification about filing company tax return. Following your video step by step and i get this ⬇️ 'You are up to date with your filings Companies House records show that the next company accounts period you need to file for (1 July 2023 to 30 June 2024) is still in progress. You will be able to file for this period when it has ended.'
Hey, great video really useful for me thankyou, quick question - If I've put £1000 into the company and I take that out, do I need to say this somewhere on the accounts/tax? I'm only repaying money put in so there should be no tax or anything correct?
@LilJoshy soooooo you put 1000 gbp into business account then took it back out? What you should have done is set up a loan between your person and your company and put a little interest on for your person... buuuut it is all taxable brother. If you do not buy assets, it's taxable.
QuickBooks Online Advanced is finally out in the UK! Im excited! I was kind of hoping they would release a corp tax function but oh well, looks promising
I have a quick question - selling on amazon since Jan 2023 but have not made any profit - overall its in loss 😅 im not yet VAT registered. So, should i go with the full accounts with companies house and HMRC or the micro entity accounts?
Hi Aaron, Your video is quite helpful. I have opened a company in Jan2022 but actually the company started trading in Aug 2022, no profits, what accounts I have to file and by when I have to file this account please.
Great video, however I'm confused. All is good until I get to the HMRC profit & Loss page, and then it looks completely different to yours! You have box AC16 (Gross profit), and instead I have AC12 (Turnover). Other differences too. Why?!
I follow you until 3:20 and then then get the same pop up error to register for the corporation tax. How do I register for a corporation tax where you skip over it at 3:28? Thanks for your help!
@@TheQuickBooksChap we are a CIC and have had to submit on paper (micro entity etc) really annoying as was getting emails saying file online.... One to watch out for if you think you can leave it last minute and ping it off a couple of days before the deadline, nearly got us nobbled.
Thank you for this video! It helped me a lot. But now I am stuck. I have foreign currencies. (€) For this i have to use software. But i cant start a software and file for my past year. Do you have any advice how this can work?
@@stephanief6381 thank you for the reply. Ill just manually convert the euro reports to pound using the conversion rate on the date of the financial statements.
Hello Aaron, thank you for putting this video together, it has really helped me. Although I got stock at one point that I really want to talk to you about if possible. what's the best way to contact you?
Really helpful content. Youve got your 31st subscriber here😊. As your content is straight forward, how do i file for mine as ive got my normal bank account bunched up with my business. I wouldlove to use boffix, but iam out of money. Can you please help me out. Thank you
Thanks for the help. You've answered most questions, but a few people have asked an unanswered question about why "Tax on Profit (AC34 and AC35) have been left blank. Do these need to be calculated and entered? Or are they only amounts paid (not accrued) in the year?
I need help with the next section after this video finishes, since all boxes (Turnover/sales, Cost of Sales and Cross pfoti or loss) from the Trading account details appear as 0 and I can't edit them. Can you help me??
Good evening Aaron, at 10.53 you mention about adding tax on profit but you don't enter a value.
Do I have to calculate the tax due myself at the current rate and add this? How to I show this on the quickbooks P&L? Create a CT expense on the last day of the financial year and a tax liability on the balance sheet?
Many thanks in advance, I don't want to get it wrong!
Have done my return, that was the easy bit thanks to your video - the hard part is the accounting transactions in quickbooks to reflect the payment of corporation tax from "retained earnings" any chance of a video explaining this part of the process? I tried quickbooks support and they refused to offer any insight!
Very useful, thanks a lot. Just 1 question please. Are we not obliged to fill in the boxes AC34 and AC35 (Tax on Profit)?
Quick one. Great video but if I select micro entity accounts - when I get to the balance sheet the fill in options are different to your video (there is no cash in the bank option for example plus different boxes to fill in for the balance sheet. Do you have a step by step video for micro entity accounts you can point me towards - particularly for the balance sheet section?
Very helpfull so far. It would be more helpfull if you make a complete video on CT600 submission. Thanks in advance
Sure thing! Would be a great follow up video 👍
Thank you so much - this can be overwhelming
You are so welcome!
Hi Aaron thanks for this informative video, I followed the video instruction to a T and at the mark 6.33 in the video im getting another page come up saying 'Your answers mean that you can only file with companies house only" which is annoying as I wanted to do it together ( Companies house and HMRC) as you have demonstrated in the video. Can you kindly advise me why they might have said this?
Can I use the same governament gateway and password who I use for company house account also for HMCR o are different thing?
Thank you so much, very helpful for preparing my accounts! Quick question - my accounting period is more than twelve months since this is my first year. I'll need to file two tax returns to HMRC to cover the twelve months then extra. But if I follow your process here and file abridged accounts, can I file for both companies house and HMRC at the same time, even though the time periods are different?
Hello there, and how can I get support in knowing the charges for filing and getting onboard with you guys
use this link: linktr.ee/Applecore many thanks!
What do I do if I've made foreign money transactions? It says I cant use the service. However when I look at my profit and loss report in QB it's all converted to GBP, so why does it matter? Can I just select No and submit the figures anyway? I'm not VAT registered so I can't even use the MTD feature!
Its more about the profit and loss made on exchange differences - if you haven't got a huge exposure then you will be fine
Thanks for this helpful video very informative and helpful. Could you please do a video on filing cT600. Thanks
already in hand :D
Thanks
Hi Aron, this was all I need to do my tax return.
Thank you so much
You are very welcome
Hi Aaron can you please advise how you would include dividends in the profit and loss?
Create a COA as equity, then you can post against that and it will post against retained earnings
@@TheQuickBooksChap thanks so much for this. When submitting accounts on companies house though is there an option to be ticked before getting to the accounts so that dividends can be added in for example should you tick yes to the option where it asks if you need to add a financial instrument?
@@TheQuickBooksChap should I be preparing full company accounts instead of abridged to reflect the dividends when filing on companies house ?
I followed you until 12:30 where I got stock with error message ''Make sure 'Total net assets or (liabilities)' (box AC68) for the period you're filing for matches 'Total shareholders' funds' (box AC80) '' How can I calculate my Total net assets or (liabilities)'? My company offer services
You will need to ensure these match
I have the same issue. Mine are zero but it won’t allow me to put that what should I do ?
Cool. Now can you explain to me why I have to pay part of my profit to the government? Did it help me make that profit?
Would you be able to help if we are not yet using quickbook, Aaron?
How did you calculate your creditors to 4633?
Quick Question- I have filed the my return to companies house as dormant accounts
How i filed the corporate tax. Because I get fined not filing the corporate tax.
Help if possible
Thanks
Use the same service and complete the CT600 section also
"Good morning,
I'm interested in closing my limited company along with its registered brand. While I'm familiar with the process of closing a limited company, I'm uncertain about the implications for the brand.
If I close the company, will the brand automatically be closed as well?
If not, could you please advise me on the procedure for closing a registered brand in the UK?"
If it is registered to the trademark company, it can be closed. But if it is registered as yours, it cannot be closed.
Incredibly useful thank you
help me with this i did not understand about this what does it mean its my first time that i get a notification about filing company tax return. Following your video step by step and i get this
⬇️
'You are up to date with your filings
Companies House records show that the next company accounts period you need to file for (1 July 2023 to 30 June 2024) is still in progress. You will be able to file for this period when it has ended.'
Hey, great video really useful for me thankyou, quick question - If I've put £1000 into the company and I take that out, do I need to say this somewhere on the accounts/tax? I'm only repaying money put in so there should be no tax or anything correct?
Bro, you gotta pay tax on that grand... start buying shit with your company (within reason) 😅
@@jaymzsea I don’t think I do, that grand isn’t profit it’s just initial investment
@LilJoshy soooooo you put 1000 gbp into business account then took it back out? What you should have done is set up a loan between your person and your company and put a little interest on for your person... buuuut it is all taxable brother. If you do not buy assets, it's taxable.
Thanks for the Video. Are you still offering the MOT service?
Yes we are, check out the Boffix Website!
hi Aaron! Do you have videos on how to file for holding companies? Thank you!
Not yet - but now on the list
thank you so much - this was great. but can you slow down, so anyone can follow you.
QuickBooks Online Advanced is finally out in the UK! Im excited!
I was kind of hoping they would release a corp tax function but oh well, looks promising
I can’t say too much…… but I might have tried the QBO corp tax offering
I have a quick question - selling on amazon since Jan 2023 but have not made any profit - overall its in loss 😅 im not yet VAT registered. So, should i go with the full accounts with companies house and HMRC or the micro entity accounts?
Micro would make your life easier
Is quickbook going to integrate at somepoint the option to file like Xero and FreeAgent? I bee told that accountants dont like QuickBooks
Plz make the video for dormant ltd corporational tex return .
Hi Aaron, Your video is quite helpful. I have opened a company in Jan2022 but actually the company started trading in Aug 2022, no profits, what accounts I have to file and by when I have to file this account please.
If it’s a Ltd Co, best option is visit it on Companies House, for the deadlines
I would guess May 23 on the info above 👍
Great video, however I'm confused. All is good until I get to the HMRC profit & Loss page, and then it looks completely different to yours! You have box AC16 (Gross profit), and instead I have AC12 (Turnover). Other differences too. Why?!
You get a few changes, but overall you should find its similar!
so following this video files my accounts to companies house and HMRC but not my CT600
Hi, thanks for this. This is helpful.
I am considering starting a small CIC at present so this is useful.
Yes but there is a different procedure for submitting CICi accounts to the Companies house. You have to submit form CIC 34 for that.
What is that
I follow you until 3:20 and then then get the same pop up error to register for the corporation tax. How do I register for a corporation tax where you skip over it at 3:28? Thanks for your help!
I’ll do a follow up video :-)
Hi Aaron, thanks for the video. Very helpful! Can you please advise if there is the same principal for submission for LLP in UK? Thanks
You can’t file LLPs online currently, so it’s a paper return only 👍
@@TheQuickBooksChap we are a CIC and have had to submit on paper (micro entity etc) really annoying as was getting emails saying file online.... One to watch out for if you think you can leave it last minute and ping it off a couple of days before the deadline, nearly got us nobbled.
So if in my Amazon business I have sold some products to Europs via Amazon EFN will that be a problem.
You can still record these transactions in quickBooks 👍
Thank you for this video! It helped me a lot. But now I am stuck. I have foreign currencies. (€) For this i have to use software. But i cant start a software and file for my past year. Do you have any advice how this can work?
Up for this
@stephanief6381 hi, have you got the solution of this one? euro currency in reports and house form is in pound?
@@Ed-yt4lf Hi, yes i made it in pounds. I took the average exchange rate from the accounting year.
@@stephanief6381 thank you for the reply. Ill just manually convert the euro reports to pound using the conversion rate on the date of the financial statements.
dude your microphone levels r out of this world..
Yeah, this was a bad implementation of the wireless mic, better quality on route 👍
This was really helpfull thank you!
Any time
How did you get on to the authentication page
Amazing video! 👍
Good
Compulsory strike-off action has been discontinued
Not once, but twice, this made me laugh
Good
Point
Your accent is not clear please try to make videos with more clear words,
although your videos are helpful.
yanaklarına kurban
Hello Aaron, thank you for putting this video together, it has really helped me. Although I got stock at one point that I really want to talk to you about if possible. what's the best way to contact you?
You can use the linktree on all videos to talk to me or one of my teams
Really helpful content. Youve got your 31st subscriber here😊. As your content is straight forward, how do i file for mine as ive got my normal bank account bunched up with my business. I wouldlove to use boffix, but iam out of money. Can you please help me out. Thank you
Just ensure all personal transactions go to your directors loan then it’s the same as above 😊