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Learn how to submit annual accounts reporting using Workpapers and Pro Tax.

by Intuit Updated 2 weeks ago

In this article, we'll guide you through each stage of the submission process.

Step 1: Review and adjust accounts in the Review and adjust tab in Workpapers.
Step 2: Map the chart of accounts to the right annual accounts in the Annual accounts tab.
Step 3: Draft the annual accounts in the Annual accounts tab.
Step 4: Review tax mapping in the Tax mapping tab.
Step 5: Start preparing the tax return with Pro Tax by selecting Start return in Pro Tax.
Step 6: Complete tax return in Pro Tax. Complete tax return.
Step 7: Update your corporation tax charge using a journal entry.
Step 8: Send annual accounts report and tax return for client approval.
Step 9: Prepare to file with HMRC and Companies House in Pro-Tax.

More details can be found below.

Step 1: Review and adjust accounts

Review and make any adjustments to the accounts in Workpapers to make sure they're up to date and accurate.

  1. Access your client’s file through QuickBooks Online Accountant.
  2. Find over Accounting review and select Workpapers.
  3. Select the Review & adjust tab.
  4. Select the Accounts ▼ to expand the list of accounts.
  5. Select the account £ figure for the current year to see a full list of transactions.

Step 2: Map the chart of accounts to the right annual accounts

Ensure the chart of accounts are either mapped to an annual account, or excluded (if it’s not needed for this year).

  1. In the Annual accounts tab, Select Map annual accounts.
  2. Using the dropdown menu, map each COA account to a corresponding annual account, or mark as excluded.
  3. Repeat the process for all relevant accounts, then Save when you’re done.

Step 3: Draft the annual accounts

Compile the annual accounts report for the year in Annual accounts.

  1. In the Annual accounts tab, select View/edit report.
  2. Review each section, add missing details, and address any issues. 
  3. Once you’re happy with everything, save the report as Draft ready for tax calculation. If you need to come back to complete the report, save the report as Work in progress.

Step 4: Review tax mapping

  1. Select the Tax mapping tab.
  2. If you have any unmapped accounts, select Assign tax line.
  3. Choose the correct tax line, or as Not mapped for the accounts. 
  4. Select Save.

Step 5: Create the tax return 

  1. In Workpapers, select Start return in Pro Tax.
    We will automatically pull your mapped tax data from Workpapers to start a new return.
  2. Use Pro Tax to complete tax calculations for your client.

Step 6: Complete tax return

  1. In Pro Tax, work through the details for CTComputation and CT600 form.
  2. Check that there are no outstanding issues in the Auditor tab.
  3. Once completed, download the draft return in the Return action ▼ dropdown.
  4. Return to Workpapers.

Step 7: Update your corporation tax charge as a journal entry

Review and make any necessary adjustments to your accounts using journal entries.

  1. In Workpapers, go to the Review & adjust tab.
  2. Next to Accounts, select the ▼dropdown to expand the list of accounts to find the one you want to adjust with the corporation tax charge.
  3. In the Adjusting entries column, select the (+) icon to open a new journal entry.
  4. Complete the journal entry.
  5. Select Save and close.
  6. Return to the Annual account tab to mark the annual accounts report as Ready for client approval.

Step 8: Send annual accounts report and tax return for client approval

  1. In the Annual accounts tab, select View/edit report.
  2. Download the annual accounts report in chosen PDF format.
  3. In Pro Tax, download the tax return in the Return action dropdown.
  4. After approval, remember to save the annual accounts report as Ready for filing to CH and HMRC.
  5. In the Annual accounts tab, select Send report to Pro Tax to have it ready for filing.

Step 9: Prepare to file with HMRC and Companies House in Pro Tax

Follow this helpful article to file your Corporation Tax return.

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