T4 Forms

Accounts and CT600 Year End Checklist

Accounts and CT600 Year End Checklist 2024

Accounts and CT600 Year End Checklist 2024

THIS IS A GENERAL CHECKLIST ONLY.

ESTIMATED TIME TO COMPLETE: 10 MINUTES

BACKGROUND

YOUR DETAILS

e.g. A111 (if not sure just leave blank)
Enter company name in full including the Limited at the end
of Director that will sign the accounts
of Director that will sign the accounts
For most submissions you will also get a copy of what you tell us, by email.

ACCOUNTING YEAR

The form relates to the accounting period we are in the process of finalising.
Select year in list
Select month in list

BOOKKEEPING, INCOME & EXPENSES

Relating to the above accounting period
Did all the income for the company go through the business bank accounts, business credit cards etc (linked to Quickbooks)
Quickbooks links directly to many business accounts or credit cards and imports transactions in real time. If you pay for business expenses via a) your own personal bank account, b) personal credit cards or c) business accounts that cannot be linked directly to Quickbooks this can increase the risk of errors or things being missed. It also increases the time and costs of adding these other external items into accounting records.
All income and expenses need to be included in the year end accounts, CT600 returns etc. You don't need to list or add specific item details here we will liaise with you separately on how to get these external items added.
Are you aware that paying for business expenses from personal bank or credit cards increases the risk of errors or things being missed?
Are you aware that paying for business expenses from personal bank or credit card accounts will increase time and costs of including those items in accounting records?
Expenses, to be tax deductible for a business (and not taxable on the employee) MUST BE "wholly and exclusively" for the purposes of the company's business, i.e. no private use or benefit for the employee.

COMPANY ASSETS

Does the Company own a VAN or vans?
Do any directors or employees use company vans for ANY "private use"?
See Gov.uk/HMRC Link to definition of Private Use (below)

See the following link for HMRC guidance on what they view as "private use".

https://www.gov.uk/expenses-and-benefits-company-vans

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"Business journeys and commuting"

A business journey is defined as a trip:

  • made as part of work (such as a service engineer travelling between appointments)
  • to a temporary workplace

Vans used for ‘insignificant’ private journeys are exempt, for example making a slight detour to pick up a newspaper on the way to work.

Does the company own any company cars?

See link below for HMRC guidance on Company Cars

https://www.gov.uk/tax-company-benefits/tax-on-company-cars

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A private journey would include "commuting" to and from your normal place of work, or any other journey that is not specifically travel to or from a business activity.

NB: HMRC has recently stated that dual cab open back pickup trucks that weigh over 3500kg are vans for tax purposes.

Do any directors or employees use company cars for ANY "private use"?
See Gov.uk/HMRC Link to definition of Private Use (above)
What about use of your OWN car (not owed by the business) for business journeys?

HMRC Guidance on Mileage Allowance Claims, rates etc (£0.45 per mile for first 10,000 business miles then £0.25 p/mile) Sometimes referred to as AMAP (Approved Mileage Allowance Payment), or MAP (Mileage Allowance Payment)

LINK: https://www.gov.uk/government/publications/rates-and-allowances-travel-mileage-and-fuel-allowances/travel-mileage-and-fuel-rates-and-allowances

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This is just to give us an indication of your level of use of your own car for business journeys it is not an actual calculation for Mileage Allowance claims from the company using HMRC approved mileage rates.
Does the Company have a written agreement with employees (including directors) that there is to be NO private use of ANY company assets?
IF HMRC suggested that there is, or maybe, private use of any company asset, this could create a tax liability on that asset. This could affect both the employer and the employee or director. Hence, it is important to ensure that where no private use of assets is allowed, that this is documented.
Would you like T4 to help you with a Company Policy (Staff Manual) that states there is to be no private use of company assets?
T4 use "Bright Contracts" for employee agreements, Employee Contracts, Office (Staff) Manuals, and Employee Privacy Policy (part Data Protection Rules) documents . "Bright Contracts" are HR specialists. There would be a separate fee for preparation of internal manuals or agreements of this type using the Bright Contracts resource.

COMPANY FUNDS

Are you aware that it is important to keep sufficient funds in the company to pay for Corporation Tax (CT), PAYE, VAT etc?
Failing to keep sufficient funds to pay taxes on time, throughout an accounting period can lead to a company becoming insolvent which can have various negative consequences.
Earning interest on tax savings and reserves (e.g. Aldermore.co.uk).
If a savings account cannot be linked directly to Quickbooks (e.g. Aldermore.co.uk and "savings pots" in app based banks like Monzo) the trick is to opt to get the interest paid into your elected main business bank account (where Quickbooks can then track the interest received). This saves a lot of bookkeeping time otherwise spent manually entering and reconciling interest earned.
Are you aware that borrowing funds from your company has tax consequences for both the employee/director and for the company?
Broadly speaking directors and employees cannot borrow more than £10,000 from the company without triggering tax charges. This is the limit DURING an account period (Income Tax Consequences). However, by the company's year end NO loan should be in place (Corp Tax consequences), and the director should not have an overdrawn director loan account (DLA) for at least the first 31 days of the month following the end of the accounting period (Corp Tax consequences).
Does your company, or have you considered, if the company could benefit from a Pension Scheme for the Directors?
T4 Tax Limited is not authorised under the Financial Services Act to give specific advice about investments including pensions. However, we can give general advice about the tax implications of investments.

CHANGES DURING THE TAX YEAR

CHANGES during the accounting period, or since.
Select ALL or ANY that apply to you for the tax year concerned.
If you can't remember the exact date enter the last day of the month you moved
Please enter full new address including postcode.

OTHER INFORMATION OR UPLOADS (optional)

In this section you can upload documents to help us with your accounts preparation or alternatively you can share these with us via email to t4.office@t4tax.com or via WhatsApp.
For example, if you were not sure of any of your answers you can add any further comment here to let us know.

Maximum file size: 8MB

Types, jpg, jpeg, PNG or PDF only. Max file size per file 8MB, max number of files you can add is 10.

FEEDBACK & SIGN

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