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I need help from a Tax Expert concerning completion of Corporation

Customer Question

I need help from a Tax Expert concerning completion of Corporation Tax return CT600. Box AC187 should tally with Box AC80, apparently, but I cannot make this happen. Where have I gone wrong>
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.
Hello and welcome to the site. Thank you for your question.

I would like you to fill in boxes as applicable in the table below and let me review your accounts and help you clear the error

Also advise if this is your first year of trading

Description Box This year Box Last year
of account No. Amount No. Amount
PROFIT AND LOSS
PROFIT OR (LOSS) FOR THE YEAR AC36 0 AC37 0
DIVIDENDS FOR THE PERIOD AC38 0 AC39 0
TRANSFERRED TO RESERVES AC40 0 AC41 0
Description Box This year Box Last year
of account No. Amount No. Amount
BALANCE SHEET
TOTAL NET ASSETS AC68 0 AC69 0
Description Box This year Box Last year
of account No. Amount No. Amount
CAPITAL AND RESERVES
CALLED UP SHARE CAPITAL AC70 0 AC71 0
REVALUATION RESERVE AC76 0 AC77 0
PROFIT AND LOSS ACCCOUNT AC74 0 AC75 0
TOTAL SHAREHOLDERS FUNDS AC80 0 AC81 0
Difference xxxx 0 xxxx 0
Description Box This year Box Last year
of account No. Amount No. Amount
STATUTORY ACCOUNTS NOTES
profit and loss - opening balance AC184 0 AC215 0
profit for the period AC185 0 AC216 0
equity dividends paid AC186 0 AC217 0
retained profit AC187 0 AC218 0


Many thanks
Customer: replied 2 years ago.

Thank you. Figures are as follows:


 


 


AC36 367 AC37 -4209


AC38 0 AC39 0


AC40 367 AC41 -4209


 


AC68 18778 AC69 25023


 


AC70 4 AC71 4


AC76 0 AC77 0


AC74 18774 AC75 25019


AC80 18778 AC81 25023


 


AC184 25019 AC215 29228


AC185 367 AC216 -4209


AC186 0 AC217 0


AC187 ?25386? AC218 25019


 


 


CT600 will not accept the figure for AC187; it says it must tally with the balance sheet.

Expert:  taxadvisor.uk replied 2 years ago.

Mary, thank you for your reply and information.

I wish to know how your net assets have gone down by £6,245 - difference between boxes AC68 and AC69 when in the year you made a profit of £367 (Box AC40).

 

Please complete these boxes from Balance Sheet as applicable and I will review them.

 

Description BoxThis yearBoxLast year
of account No.AmountNo.Amount
BALANCE SHEET
INTANGIBLE ASSETSAC420AC430
TANGIBLE ASSETSAC440AC450
TOTAL FIXED ASSETSAC480AC490
STOCKSAC500AC510
DEBTORSAC520AC530
CASH AT BANK AND IN HANDAC540AC550
TOTAL CURRENT ASSETSAC560AC570
CREDITORS DUE WITHIN ONE YEARAC580AC590
NET CURRENT ASSETSAC600AC610
TOTAL ASSETS LESS CURRENT LIABILITIESAC620AC630
CREDITORS DUE AFTER MORE THAN ONE YEARAC640AC650
PROVISION FOR LIABILITIESAC660AC670
TOTAL NET ASSETSAC680AC690



Many thanks

Customer: replied 2 years ago.

Thanks for your reply. Here we go:


 


AC42 0 AC43 0


AC44 10176 AC45 11859


AC48 10176 AC49 11859


 


AC50 10189 AC51 10296


AC52 4164 AC53 3301


AC54 228 AC55 1882


AC56 14581 AC57 15479


AC58 5067 AC59 2315


AC60 9514 AC61 13164


AC62 19690 AC63 25023


AC64 912 AC65 0


AC66 0 AC67 0


AC68 18778 AC69 25023

Expert:  taxadvisor.uk replied 2 years ago.

Mary, thank you for providing additional information.

Your net assets have gone down by £6,245 from last year to current year yet you are showing a modest profit for the year.

Somewhere along the line, your double entry is wrong.
I would like you to visit boxes AC50, AC52, AC58 and AC64.

Provided, your profit calculations are correct, the error is within balance sheet year end numbers.

 

Please complete boxes as applicable and I will review your p&l account

 

Description BoxThis yearBoxLast year
of account No.AmountNo.Amount
PROFIT AND LOSS
TURNOVERAC120AC130
COST OF SALESAC140AC150
GROSS PROFITAC160AC170
DISTRIBUTION COSTSAC180AC190
ADMINISTRATIVE EXPENSESAC200AC210
OTHER OPERATION INCOMEAC220AC230
OPERATING PROFIT OR (LOSS)AC260AC270
INTEREST RECEIVABLEAC280AC290
INTEREST PAYABLEAC300AC310
PROFIT OR (LOSS) BEFORE TAXAC320AC330
TAXAC340AC350
PROFIT OR (LOSS) FOR THE YEARAC360AC370
DIVIDENDS FOR THE PERIODAC380AC390
TRANSFERRED TO RESERVESAC400AC410





Many thanks

Customer: replied 2 years ago.

I have checked boxes AC 50, AC52, AC58, AC64 and confirm the entries.


 


Mary

Expert:  taxadvisor.uk replied 2 years ago.
mary, thank you for your confirmation.

Please complete boxes as applicable and I will review your p&l account

 

Description BoxThis yearBoxLast year
of account No.AmountNo.Amount
PROFIT AND LOSS
TURNOVERAC120AC130
COST OF SALESAC140AC150
GROSS PROFITAC160AC170
DISTRIBUTION COSTSAC180AC190
ADMINISTRATIVE EXPENSESAC200AC210
OTHER OPERATION INCOMEAC220AC230
OPERATING PROFIT OR (LOSS)AC260AC270
INTEREST RECEIVABLEAC280AC290
INTEREST PAYABLEAC300AC310
PROFIT OR (LOSS) BEFORE TAXAC320AC330
TAXAC340AC350
PROFIT OR (LOSS) FOR THE YEARAC360AC370
DIVIDENDS FOR THE PERIODAC380AC390
TRANSFERRED TO RESERVESAC400AC410




Many thanks



Customer: replied 2 years ago.

AC12 38510 AC13 53689


AC14 16276 AC15 31288


AC16 22234 AC17 22401


AC18 0 AC19 0


AC20 21867 AC21 26610


AC22 0 AC23 0


AC26 367 AC27 -4209


AC28 0 AC29 0


AC30 0 AC31 0


AC32 367 AC33 -4209


AC34 0 AC35 0


AC36 367 AC37 -4209


AC38 0 AC39 0


AC40 367 AC41 -4209


 


Thank you.


 


 

Expert:  taxadvisor.uk replied 2 years ago.

Mary, thank you for your reply and additional information.

You stated earlier that "I have checked boxes AC 50, AC52, AC58, AC64 and confirm the entries."

The company has seen a reduction in its net worth by £6,612 since last year end.
It would appear some entries are not fully reflected in your Profit & Loss account and/or the Balance Sheet.

You have managed to achieve Gross profit of c.£22k in both years yet in current year your turnover is down by £15k. Have you fully reflected stock movement?
Where was the reduction in your administrative costs Box AC20 - they are down by some £5k compared to last year.

Basically, you can't have a big reduction in net assets if you made a modest profit in current year and did not payout from retained profits.

Please revisit your numbers.

Many thanks

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