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M
MartinPowell
July 24, 2024
Question

Tax filing in the UK for multiple currency QBO

  • July 24, 2024
  • 1 reply
  • 0 views

The HMRC says that if you pay or receive money in foreign currency you cannot use their web filing service but QBO also does not support Corporation tax filing in the UK for multiple currency QBO - so what does on do?

1 reply

R
RhoiceW
July 24, 2024

Hi there, Martin. I can see how important is to file a tax for multiple currencies in QuickBooks Online (QBO).

 

Since QBO does not support Corporation tax filing in the UK, I recommend contacting HMRC for advice on an alternative method for filing your multicurrency tax in QBO.

 

Furthermore, refer to this article to learn how to add a foreign currency account in QBO: How to add a foreign currency account in QBO.

 

Comment on the post if you still have concerns about filing taxes in QBO. I'm always here to help.

M
MartinPowellAuthor
July 25, 2024

This answer does really help me. Surely there are some accountants who are members of the Community who have clients with foreign transactions - what do they do to file CT600 etc in the UK?

By the way - HMRC has lists of approved software suppliers for tax filing and neither QBO nor Intuit are on those lists. The lists do not mention foreign transactions!

K
Kurt_M
July 25, 2024

Hello there, Martin. I'll provide details to help you file your Corporation Tax Return (CT600) through QuickBooks Online (QBO).

 

Before anything else, please know that for annual accounts dated on or before April 1, 2023, or accounts that are 365 days old, the functionality to perform such actions within the software is not available.

 

To file the CT600, you'll want to access QuickBooks Online Accountant (QBOA). Once you're ready, these are the steps to get you going:

 

  1. Go to Accounting review or Bookkeeping, depending on your view.
  2. Select Workpapers.
  3. Select Start return in Pro Tax. QuickBooks will automatically pull your mapped tax data from Workpapers. You have the option to Start a blank return if you'd like to enter data manually.
  4. Choose the client.
  5. Select the year end start and end date.
  6. Give the return a name.
  7. Once done, click Continue.

 

For further guidelines, please see this page: File your Corporation Tax return using Workpapers in QuickBooks Online Accountant.

 

In case you don't have access to QBOA, we recommend working with an accountant so they can provide further assistance in filing your CT600. Contacting the HMRC is also recommended so they can share more details about other ways to handle this type of situation.

 

On the other hand, here's an article to help you deal with the submission of annual account reporting: Learn how to submit annual accounts reporting using Workpapers and Pro Tax.

 

Feel free to visit the Community space or comment below if you need further assistance handling tax filing tasks or have additional QuickBooks-related questions. As always, our team will be around to lend you a helping hand.

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