MTD - Corporation Tax?

I was looking to file my Corporation Tax online, and there seems to be a new question about declaring any non-sterling transactions (having already submitted my Accounts to CH). It says that if you have non-sterling transactions you should file using MTD approved software. Sadly Quickfile does not appear on their list (although it does for VAT returns).

Most of my income is in USD and I often pay contractors in USD. Is anyone else in the same position?

Do I need to buy new approved software and export my QuickFile data? Is this easier to do on some platforms than others? If so which ones should I consider / avoid?

Can you please identify the page or section on the form CT600 and I will investigate further.
Most Accountants use third party software to file CT Returns (CT600) … I do not recall seeing this question.

Hi, thanks for the response. I hadn’t seen this before either - it’s on the HMRC page before you get to actually filling in a CT600

And then you get sent to this page

Hmmn, I have never used the hmrc online filing service. We have always used 3rd party software. Will look over form ct600 and come back to you.

I have looked over the CT600 form and cannot see any reference to foreign currency transactions.
I did think the reason for nor being able to use the HMRC online form may be due to the need to complete a supplementary page of the CT600 but see link below for the listing and requirements.
Have any other accountants come across this problem before? HMRC CT helpline is 0300 200 3410

Many thanks, Paul - I’m getting some help with this now.

All the best


I have the same issue and posted a while ago to see if anyone could tell me where these transactions need to be reported as I couldn’t find anything in the CT600 or the guide. I have also posted on the HMRC community forums. No-one has been able to tell me where the transactions need to be reported and someone from HMRC stated:

You have asked where you report the transactions. As the transactions relate to the companies trading and therefore its sales and purchases, they are treated as such and form part (or all) of its sales and expenses in company’s profit and loss accounts.

They are not specifically itemised or declared separately elsewhere.

but they then went on to say that I would need to use commercial software. No-one has been able to tell me how I would report differently using this commercial software, so how I am supposed to find out which is a suitable one.

I am also very sceptical about this since I really don’t believe that there are many businesses which don’t have some sort of foreign transactions even if it is just the purchase of the occasional item from a certain online auction site in USD/EUR for example.

As far as I am concerned, so long as I pay the correct amount of Corporation Tax and report correct figures to Companies House for the public record, nothing else really matters.

Anyone else have any more thoughts on this? Thanks

The point about using commercial software is, you are not greeted with those questions nor the requirements before processing the self assessment and submitting it.

It is not about how you do it on commercial software

Foreign transactions are converted to sterling via the bank account and adjustments made. As you rightly say…the correct amount of tax is paid. I only use 3rd party software myself and have never seen that question come up.
Just wonder whether it’s anything to do with the dreaded FATCA regulations imposed by the US Treasury. We had a number of clients (a few years ago) who had to fill in forms with their bank, particularly Barclays. This is the link to the Irish Revenue but the idea is the same.

Thanks @Paul_Courtier , I thought this might be the case - no difference in reporting, just the questions aren’t asked in commercial software. I would still like an answer from HMRC as to why they ask the question though :slight_smile:

Thanks @Bagpipe . I had a look at the link and it seems that FATCA relates to accounts held in the US (or maybe in USD - I wasn’t sure) by non-US residents. That doesn’t apply to us. I also remember getting forms to fill in from banks - I think that was to confirm that we weren’t US residents or US taxpayers.

Which commercial software do you use and is it for reporting for your clients or your own company? All of the ones I have looked at seem to be aimed at accountants who file for a number of clients and/or for large organisations with complex accounts. We are just a small micro-enterprise with very simple accounts.

We are a small firm of Accountants and use BTC Software, which is geared around Accountants. I would be tempted to screen shot these conversations and file using HMRC software, ignoring the question about foreign transactions. If you are asked by HMRC in future, at least you will be seen to have done your level best to resolve this issue.

Thank you @Bagpipe I think your suggestion is a good one and we will do that.