CT Returns for Periods Greater than 12 Months

myshirt

Confused on this scenario...

Company has an accounting period to March each year.
Currently filed CT returns to December 2012.

Company now wants to bring the CT returns up to date. ROS continues to prompt for returns based on a calendar year.

What does company do? I am thinking complete offline and File one for January 2013 to March 2013, and file another for April 2013 to March 2014?

Ultimately, get revenue to change date, but what can be done today.
Any opinions on scenario?

nompere

myshirt wrote: »

Confused on this scenario...

Company has an accounting period to March each year.
Currently filed CT returns to December 2012.

Company now wants to bring the CT returns up to date. ROS continues to prompt for returns based on a calendar year.

What does company do? I am thinking complete offline and File one for January 2013 to March 2013, and file another for April 2013 to March 2014?

Ultimately, get revenue to change date, but what can be done today.
Any opinions on scenario?

There are lots of presumptions to be made, because your comment that the company has an accounting period to 31 March each year doesn't really square with your other comment that the last CT1 filed was to 31 December 2012, but based on what you have said, ...

If a company has filed accounts already to 31 December 2012, and if it has now prepared accounts for 15 months to 31 March 2014, then the CT1s will be 12 months to 31 December 2013 and three months to 31 March 2014.

myshirt

Company always prepared accounts to March.

It was set up in Oct 11 and all they have filed is a CT return marked Jan 12 to Dec 12, and nothing else. To do this they just pro-rata'd the first two sets of accounts (i.e a bit of the 6 months to march 12, and a portion of 12 months to March 13). Income and expenses accrue evenly so they saw no problem.

A mess I know. What to file now to bring CT up to date... I'm thinking the above.

nompere

Someone needs to talk to the tax district, becase they are the ones to reset the returns on ROS.

You'll need to do a return for the period from October 2011 to 31 December 2011 as well, I reckon, because that has never been filed.

myshirt

True.

Could that be done, and what I said above also? (Note, just trying to learn on this for my own purposes, never worked in tax before)

AppleBottle

You should file as follows:

12 months to December 2013
3 months to March 2014

I would email Revenue explaining what you wish to do with the returns. This is because in the past when I have uploaded returns where the return does not have the correct period in accordance with ROS it takes weeks for it to update to show the return as filed. So I would recommend emailing the district first and then filing. I would also state the company has a change in year end and to issue CT returns with a 31 March year-end from now.

It is always the longer period which is first. (i.e the 12 months)

The 2011 would need to be filed also. You can do that on ROS.

myshirt

Why can't I do the 3 months, and then the 12 months? Why the longer period first?

dogsears

myshirt wrote: »

Why can't I do the 3 months, and then the 12 months? Why the longer period first?

Because legislation specifies 12 months first - there is no element of choice (except in the period you draw up accounts for).

myshirt

dogsears wrote: »

Because legislation specifies 12 months first - there is no element of choice (except in the period you draw up accounts for).

Do you know the legislation and I read up on it?

dogsears

myshirt wrote: »

Do you know the legislation and I read up on it?

s27 TCA.

When you've read it you might realise the level of mess you have, and as you've already filed returns you may want to contact the tax office to get it sorted.

You say the company always did accounts to March. If it did accounts for the 6 months from Oct 11 to March 12, then there should have been a return for this period then April 12 to March 13, then April 13 to March 14.

If it did accounts for Oct 11 to March 13 instead i.e. 18 months, the CT returns should have been Oct 11 to Sept 12, Oct 12 to March 13, April 13 to March 14.

Note also that it possible there may be late filing surcharge due e.g for the period from Oct 11 (if profits made then)

myshirt

Yeah the surcharge is a problem in the scenario.. but no liability in example looking at, was a loss..

dogsears

myshirt wrote: »

Yeah the surcharge is a problem in the scenario.. but no liability in example looking at, was a loss..

Shouldn't be too difficult to sort out with the Revenue so.