CT600 Micro Entity Accounts & Foreign Currency Transactions

[ukproptoppy]

If you go to the HMRC website to submit a CT600 direct via. their filing service it says you can't if you need to report "foreign currency transactions - where you are paid or pay someone in a currency other than pounds". On the face if it you clearly don't qualify if you have any foreign income or expenses.

However for micro-entity accounts, there is nowhere in the predetermined Detailed P&L categories to report any foreign currency gains or losses. In which case why do HMRC care and say you can't submit CT600 and accounts via their online service? It gives HMRC no additional information.

Anyway, this has me wondering, is it semantics? Maybe the word 'report' on HMRC's filing service is if you are reporting in the foreign currency not that you just 'have' foreign currency transactions. So then it is a technical question related to FRS105, am I grasping in the dark that if you account for foreign currency transactions according to FRS105 then there is nothing to report, ie. it is only if you have some abnormal accounting policy that you shouldn't use the online service? If this is correct HMRC would do well to clarify the criteria.

If I am not correct then where would you book the foreign currency losses/ gains in micro-entity accounts and why do HMRC not want you to submit via their online service?

I would be grateful of any feedback. Many thanks.

[robbob]

I would recommend asking hmrc why they have this very specific statement , they should be able to confirm the exact reason - your only issue may be finding the person that can answer that questions sensibly. It will probably answered in best fashion and most accurately if you do written question to corporation tax services. Be 100% specific though what you are asking.