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Posted Thu, 17 Mar 2022 01:54:05 GMT by Rhian
Hello. My question is, when submitting a limited company tax return to HMRC, is the P&L the same as that which is submitted to Companies House? I am a little unsure as to how to account for the unallowable expenses (a highly negligible amount). Presumably I would exclude the expenses which are not tax deductible from general admin expenses within the return? If I (1) exclude these non tax deductible expenses from the expenses section and (2) the CT600 P&L needs to match the Company House accounts, there will be a discrepancy between the CT600 P&L and the expenses section within the CT600 submission? The expenses are domain registration fees which I understand from HMRC guidance are capital in nature and therefore not allowable. I hope this makes sense, please let me know if you need further clarification. Many thanks.
Posted Wed, 13 Apr 2022 10:20:05 GMT by HMRC Admin 26

No, the accounts submitted to companies house are not as detailed as the accounts provided to HMRC.

The accounts required by HMRC are the statutory accounts. Statutory accounts must include: 

1. A balance sheet, which shows the value of everything the company owns, owes and is owed on the last day of the financial year,
2. a profit and loss account which shows the company's sales, running costs and the profit or loss it has made over the financial year.
3. notes about the accounts,
4. a director's report (unless you are a micro-entity).   

You will then need to make adjustments to the profit and loss account in the corporation tax computations to exclude any expenses that are not allowable and also to include and that are allowable and are not reflected in the profit and loss account. The taxable profit will not match the net profit reflected in the accounts provided to companies house, this is very common.

Thank you.

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