SamSam

I would like to file the corporation tax through HRMC website. My company just has property income less than 5200 pounds in this year. I have inputted rental income 4000 pounds into CP507 income from property and all the expenses 3000 pounds into CP508 Expenses directly related to income from the property. It showed total income from the property is net amount of 1000 pounds. But when I continue near the end of input. CP289 Adjusted trading profit showed 3000 pounds and CP512 income from property showed 1000 pounds. The total profits before other deductions and reliefs is 4000 pounds again. CP295 Net profits chargeable to Corporation Tax showed 4000 pounds. I totally dont understand why 4000 pounds is subject to corporation tax but not 1000 pounds because I have 3000 pounds expenses, such as repairs, letting management fee, etc. Really dont know how to file my corporation tax now.

Dear HRMC, Thanks. But my company main business is buy and sell properties and rental income to wait for sales after a period. I have noted that if the property income and expenses inputted into property income (190) page. The loss will not be shown on the main page of the tax filing. It cannot use the rental income loss to set against the gain from the trade such as trading gain from selling the property? or anything I need to file to claim the property loss to set against the future gain? In addition, for the account filing, the rental income should be treated as turnover or other income? Thanks a lot.

Thank you for your information. I have subscribed software for filing of corporation tax. But in the software, I have the following question: 1. On the main page, it has turnover from trade. Per my understanding, as the principal activity of the Company is just property income and gain from sales of property only. Should the property income inputted in turnover from trade (145)? Or I should input all the income and revenue into property page, property income (190)? Thanks! 2. If in question 1, the answer should be all the property income inputted into property income page of corporation tax (190). It is so strange that any losses will not be shown on the main page, trading losses. The trading losses are zero on the main page. It cannot be tied the loss amount in CT600 (zero for trading losses) to Micro account with loss of about 3000 pounds. 3. In the micro account, as mentioned before that property income and gain is core business income of the Company, should the rental income inputted into sales rather than other income. Per consulting with the software company, they told me that I should input property income into property income page (190) in CT600 and input the rental income into other income in micro account. But I am not understanding why I should input all the property income into sales or turnover from trade (main business turnover line). Thanks!

Dear HRMC, I would like to file the corporation tax by myself for my micro limited company, which mainly held property for rental income. In the first year, the company incur losses but when I use the HRMC online form to file the tax loss. It is not allowed because the company is net liability. Please help and advise. Thanks!

But if filing for remittance basis, just SA109 form is required to fill? SA106 and SA108 is not requried if no remitted foreign capital gain or loss, remitted saving interest from foreign account. Thanks. I have read the guidance but it is not clear enough for me to understand

I have read but it is not clear. I did not note I need to fill foreign capital gain or loss from listed shares. I am not sure and therefore, I ask for help. Thanks! I have consulted with accountant and he told me that under remittance basis, no foreign saving interest, foreign property income and foreign capital gain or loss from listed shares are required to file. Therefore, SA106 and SA108 was not required to file. Just file SA100 and SA109 only. Please help. Thanks!

Dear Sir, I will apply for remittance basis to file my foreign income and foreign capital gain or loss from listed shares. I have asked a friend who engaged accountant to assist in the tax filing. He told me that under remittance basis, no foreign capital gain or loss from listed shares are required to report or fill any form? I have noted that in SA108, it seems that no area to fill in foreign capital gain or loss from listed shares? Anybody can advise? Thanks! I have foreign bank saving interest, foreign capital gain or loss from listed shares and foreign property income. Which form I should fill in to file the tax under remittance basis. Just the form SA100, SA106 and SA109 only? But in the form of SA106 foreign income, no area to fill the foreign capital gain or loss from listed shares. If I need to fill capital gains tax summary of SA108, how can I tell HRMC all such capital gain or loss from listed shares are foreign gain or loss and unremitted? It is because no separation of this part is noted. In addition, should I also file the computation or just fill in the form? Thanks a lot!

Dear Sir, When filling SA108 form, as I will file paper form as I need to elect for remittance basis. I would like to ask that I need to file the computation sheet with the form and mail to HRMC or I just file completed form to HRMC is ok? The computation sheet will be just filed to HRMC when request? Thanks!