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CLG Turnover <£50k, BS £334k, no empoyees
Hi I'm brand new to Tiny Tax. Is this the Help function? Checking whether our company complies with your criteria for a company limited by guarantee. If the BS limit is £316k then possibly not. Thank you
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We do support Companies Limited by Guarantee, and the good news is your company should be well within our criteria. The current micro-entity balance sheet limit is £500,000 (it was increased from £316,000 for periods starting on or after 6 April 2025), so with a balance sheet of £334k, turnover under £50k, and no employees, you comfortably qualify.
You should be able to go ahead and file your CT600 and accounts through TinyTax. Let us know if you have any questions getting started.
A bit more background. HMRC have confirmed by letter in November 2025 that we are dormant for CT, other than on interest earned on investments, ie bank interest on deposits. Will TT calculate tax due on that basis so that any 'surplus' on day to day trading with members of the Club is ignored?
And our assets are 2 canal boats that we depreciate on a straight line basis, on the assumption that after 16 years they will retain ~ 60% of purchase value, as was the case with previous boats the Club has owned.
At the moment we use Free Agent to compile our data, and we have to make journal adjustments in terms of both CT due and Depreciation. Would TT be able to complete the Returns on that basis? Thank you
If your company receives bank interest, it's not fully dormant for CT purposes. In TinyTax you'd file as a Trading Company but with £0 turnover (since mutual trading surplus with members isn't taxable). Your bank interest goes into the Interest income field (Box 170), and TinyTax calculates the tax due on that. The mutual trading surplus is simply left out of the CT600.
Depreciation
TinyTax has a depreciation field in the P&L section, and it's automatically added back in the tax computation (since it's not tax-deductible). If you're claiming capital allowances on the boats, there's an Annual Investment Allowance field, or you can use the "Other adjustments" field for writing-down allowances. Since the boats are used in mutual trading, the interaction with capital allowances can be nuanced - worth confirming with your accountant.
Importing from FreeAgent
Yes - TinyTax supports FreeAgent directly via trial balance import. Export your TB from FreeAgent, upload it, and TinyTax will automatically map your accounts to the right fields. Should save a lot of manual entry.