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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I am filling in my Corporation return for the year ending 30

Resolved Question:

I am filling in my Corporation return for the year ending 30 June 2013 and am stuck on the following sections:

Called up share capital
Revaluation reserve
Profit and Loss Account

My return was accepted last year (my first year of trading) without me filling in a balance sheet but I think I will have to do that this year. Which questions in the balance sheet make up the answers to the above?
Submitted: 3 years ago.
Category: Tax
Expert:  bigduckontax replied 3 years ago.
Hello, I'm Keith and happy to help you with your question.

Yes, you will need to return a balance sheet. A word of warning, the system frequently rejects entries. The solution is one quid fudge, usually in debtors or creditors!

Called up share capital is the amount received by the company for the shares issued. Book keeping entries would have been; debit Cash/Bank, credit Called Up Share capital.

Revaluation reserve may well be nil. If you revalue your fixed assets, land and buildings are a classic example, the amount of the revaluation is placed in the revaluation reserve. Book keeping entries are; debit Fixed Assets, credit Revaluation Reserve.

Profit and Loss account; pretty obvious, it's the carried forward figure from your Profit and Loss Account.

I do hope I have thrown some light on the return.
Expert:  bigduckontax replied 3 years ago.
I have to pick up my wife from the airport so will be off line from about 2000 hrs, back on tomorrow.
Expert:  taxadvisor.uk replied 3 years ago.
Hello and welcome to the site. Thank you for your question.

Thank you for requesting I answer your question....

You say your return was accepted last year (first year of trading) without the need to fill in a balance sheet. This would normally only happen if there was no trading and the company was filing dormant company accounts without any balance sheet entries.

It would be helpful to review the balance sheet numbers for both years before we decide what adjustments are necessary. Please complete boxes as applicable and let me review them. The solution is not always one quid fudge in debtors or creditors.

Many thanks

Description Box This year Box Last year
of account No. Amount No. Amount
PROFIT AND LOSS
PROFIT OR (LOSS) BEFORE TAX AC32 0 AC33 0
TAX AC34 0 AC35 0
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
INTANGIBLE ASSETS AC42 0 AC43 0
TANGIBLE ASSETS AC44 0 AC45 0
TOTAL FIXED ASSETS AC48 0 AC49 0
STOCKS AC50 0 AC51 0
DEBTORS AC52 AC53 0
CASH AT BANK AND IN HAND AC54 0 AC55 0
TOTAL CURRENT ASSETS AC56 0 AC57 0
CREDITORS DUE WITHIN ONE YEAR AC58 0 AC59 0
NET CURRENT ASSETS AC60 0 AC61 0
TOTAL ASSETS LESS CURRENT LIABILITIES AC62 0 AC63 0
CREDITORS DUE AFTER MORE THAN ONE YEAR AC64 0 AC65 0
PROVISION FOR LIABILITIES AC66 0 AC67 0
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 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
Expert:  taxadvisor.uk replied 3 years ago.
You can check whether you have any called up share capital by looking at the last annual return filed at Companies House as you would have stated how many shares have been issued in that return.
Expert:  bigduckontax replied 3 years ago.
I am back in business now!
Customer: replied 3 years ago.

Hello and thank you all very much for your responses.


 


I've checked last year's return line by line and definitely didn't submit a balance sheet. I can't understand how the system accepted it but unfortunately I have no more information here. However, if I need to fill this in for the system to accept my tax return, I can do this.


 


I've also checked my Companies House return and the answer for Called up share capital is definitely 1.


 


Here are the figures as requested up to AC80 - I can't see the others on this year's or last year's return.


 





































































































































































































































































Description



Box



This year



Box



Last year



of account



No.



Amount



No.



Amount



PROFIT AND LOSS



PROFIT OR (LOSS) BEFORE TAX



AC32



14,740



AC33



-1,461



TAX



AC34



0



AC35



0



PROFIT OR (LOSS) FOR THE YEAR



AC36



14,740



AC37



-1,461



DIVIDENDS FOR THE PERIOD



AC38



5,000



AC39



0



TRANSFERRED TO RESERVES



AC40



9,740



AC41



-1,461



Description



Box



This year



Box



Last year



of account



No.



Amount



No.



Amount



BALANCE SHEET



INTANGIBLE ASSETS



AC42



0



AC43



0



TANGIBLE ASSETS



AC44



500



AC45



0



TOTAL FIXED ASSETS



AC48



0



AC49



0



STOCKS



AC50



0



AC51



0



DEBTORS



AC52



AC53



0



CASH AT BANK AND IN HAND



AC54



11,085



AC55



0



TOTAL CURRENT ASSETS



AC56



0



AC57



0



CREDITORS DUE WITHIN ONE YEAR



AC58



0



AC59



0



NET CURRENT ASSETS



AC60



11,085



AC61



0



TOTAL ASSETS LESS CURRENT LIABILITIES



AC62



11,085



AC63



0



CREDITORS DUE AFTER MORE THAN ONE YEAR



AC64



0



AC65



0



PROVISION FOR LIABILITIES



AC66



0



AC67



0



TOTAL NET ASSETS



AC68



11,085



AC69



0



Description



Box



This year



Box



Last year



of account



No.



Amount



No.



Amount



CAPITAL AND RESERVES



CALLED UP SHARE CAPITAL



AC70



1



AC71



0



REVALUATION RESERVE



AC76



0



AC77



0



PROFIT AND LOSS ACCCOUNT



AC74



14,740



AC75



0



TOTAL SHAREHOLDERS FUNDS



AC80



14,740



AC81



0



Difference



xxxx



0



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



 

Expert:  bigduckontax replied 3 years ago.

Just having breakfast, will respond thereafter! Have you tried inputting these on the HMRC platform?

Expert:  taxadvisor.uk replied 3 years ago.
I can help you complete CT600 Return.
I sent you the template to assist you in completeing the return. Would you like me to answer as per your original request.

Please advise.
Customer: replied 3 years ago.

Hello, yes please, the system still won't accept box AC80. This is the message that comes up:


 


X ERROR:The balance sheet does not tally. Shareholders funds must equal the total net assets (liabilities). Please check your figures and correct your entries as necessary.


Thank you very much.

Expert:  taxadvisor.uk replied 3 years ago.
Thank you for your reply.

Let's reconstruct last year's accounts first. It was your firat year of trading and the company made a loss of £1,461. This loss would have been most likely funded by you out of own funds.

As a minimum, your entries for the balance sheet should be as follows:

Description Box Last year
of account No. Amount
BALANCE SHEET
INTANGIBLE ASSETS AC42 0
TANGIBLE ASSETS AC44 0
TOTAL FIXED ASSETS AC48 0
STOCKS AC50 0
DEBTORS AC52 0
CASH AT BANK AND IN HAND AC54 0
TOTAL CURRENT ASSETS AC56 0
CREDITORS DUE WITHIN ONE YEAR AC58 1,460
NET CURRENT ASSETS AC60 -1,460
TOTAL ASSETS LESS CURRENT LIABILITIES AC62 -1,460
CREDITORS DUE AFTER MORE THAN ONE YEAR AC64 0
PROVISION FOR LIABILITIES AC66 0
TOTAL NET ASSETS AC68 -1,460
Description Box This year
of account No. Amount
CAPITAL AND RESERVES
CALLED UP SHARE CAPITAL AC70 1
REVALUATION RESERVE AC76 0
PROFIT AND LOSS ACCCOUNT AC74 -1,461
TOTAL SHAREHOLDERS FUNDS AC80 -1,460
Difference xxxx 0
Description Box This year
of account No. Amount
STATUTORY ACCOUNTS NOTES
profit and loss - opening balance AC184 0
profit for the period AC185 -1,461
equity dividends paid AC186 0
retained profit AC187 -1,461

Please enter these and then we come to this year.
If you have any questions at this point, please let me know

Customer: replied 3 years ago.

Thank you very much. I can't get to sections AC184-7. Are these on the next page?


 


I have inputted all these figures for last year and haven't made any changes to this year's figures.


 


I'm going out shortly so may be offline for a while - will pick up later today.

Expert:  taxadvisor.uk replied 3 years ago.

Thank you for your reply. Don't worry about Boxes AC184-187 for the moment.

May I suggest you deal with one expert to help you complete CT600 to avaoid confusion etc.

Now we come to this year.

There is an error on the balance sheet as BoxAC68 should equal Box AC80 where as you have a difference of £3,305 (Net assets are greater than Shareholders funds).

There could be several reasons for that... I would like you to revisit the following:
Were there any debtors at year end?
Is your profit for the year correct?
Did the company owe you any money at year end?
Is Box AC54 reflecting both cash in hand and balance at bank?

Here is Balance Sheet for this year showing the difference for your perusal.

Description

Box

This year

Box

Last year

of account

No.

Amount

No.

Amount

PROFIT AND LOSS

PROFIT OR (LOSS) BEFORE TAX

AC32

14,740

AC33

-1,461

TAX

AC34

0

AC35

0

PROFIT OR (LOSS) FOR THE YEAR

AC36

14,740

AC37

-1,461

DIVIDENDS FOR THE PERIOD

AC38

5,000

AC39

0

TRANSFERRED TO RESERVES

AC40

9,740

AC41

-1,461

Description

Box

This year

Box

Last year

of account

No.

Amount

No.

Amount

BALANCE SHEET

INTANGIBLE ASSETS

AC42

0

AC43

0

TANGIBLE ASSETS

AC44

500

AC45

0

TOTAL FIXED ASSETS

AC48

500

AC49

0

STOCKS

AC50

0

AC51

0

DEBTORS

AC52

AC53

0

CASH AT BANK AND IN HAND

AC54

11,085

AC55

0

TOTAL CURRENT ASSETS

AC56

11,085

AC57

0

CREDITORS DUE WITHIN ONE YEAR

AC58

0

AC59

1,460

NET CURRENT ASSETS

AC60

11,085

AC61

-1,460

TOTAL ASSETS LESS CURRENT LIABILITIES

AC62

11,585

AC63

-1,460

CREDITORS DUE AFTER MORE THAN ONE YEAR

AC64

0

AC65

0

PROVISION FOR LIABILITIES

AC66

0

AC67

0

TOTAL NET ASSETS

AC68

11,585

AC69

-1,460

Description

Box

This year

Box

Last year

of account

No.

Amount

No.

Amount

CAPITAL AND RESERVES

CALLED UP SHARE CAPITAL

AC70

1

AC71

1

REVALUATION RESERVE

AC76

0

AC77

0

PROFIT AND LOSS ACCCOUNT

AC74

8,279

AC75

-1,461

TOTAL SHAREHOLDERS FUNDS

AC80

8,280

AC81

-1,460

Difference

xxxx

3305

0

Description

Box

This year

Box

Last year

of account

No.

Amount

No.

Amount

STATUTORY ACCOUNTS NOTES

profit and loss – opening balance

AC184

-1,461

AC215

0

profit for the period

AC185

14,740

AC216

-1,461

equity dividends paid

AC186

5000

AC217

0

retained profit

AC187

8,279

AC218

-1,461

Expert:  taxadvisor.uk replied 3 years ago.

IT would appear to me that there were creditors at year end that have not been fully reflected in the accounts.

You would appear to have creditors at last year end of at least 1,460 as per previous posting.

Here is a balance sheet with creditors and this clears the error. Before you accept it to be the amount owed by the company, I would like you to review your creditors including monies owed to you at year end.

DescriptionBoxThis yearBoxLast year
of accountNo.AmountNo.Amount
BALANCE SHEET
INTANGIBLE ASSETSAC420AC430
TANGIBLE ASSETSAC44500AC450
TOTAL FIXED ASSETSAC48500AC490
STOCKSAC500AC510
DEBTORSAC520AC53 0
CASH AT BANK AND IN HANDAC5411,085AC550
TOTAL CURRENT ASSETSAC5611,085AC570
CREDITORS DUE WITHIN ONE YEARAC583,305AC591,460
NET CURRENT ASSETSAC607,780AC61-1,460
TOTAL ASSETS LESS CURRENT LIABILITIESAC628,280AC63-1,460
CREDITORS DUE AFTER MORE THAN ONE YEARAC640AC650
PROVISION FOR LIABILITIESAC660AC670
TOTAL NET ASSETSAC688,280AC69-1,460
DescriptionBoxThis yearBoxLast year
of accountNo.AmountNo.Amount
CAPITAL AND RESERVES
CALLED UP SHARE CAPITALAC701AC711
REVALUATION RESERVEAC760AC770
PROFIT AND LOSS ACCCOUNTAC748,279AC75-1,461
TOTAL SHAREHOLDERS FUNDSAC808,280AC81-1,460
Differencexxxx00
DescriptionBoxThis yearBoxLast year
of accountNo.AmountNo.Amount
STATUTORY ACCOUNTS NOTES
profit and loss - opening balanceAC184-1,461AC2150
profit for the periodAC18514,740AC216-1,461
equity dividends paidAC1865,000AC2170
retained profitAC1878,279AC218-1,461

 

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

Customer: replied 3 years ago.

Thank you very much indeed for this. I have re-checked and have now been able to balance this.


 


I'm now on boxes AC215-218 and 184-187.


 


I can't get the sums to reconcile and don't know why. I have input the figures exactly as you did above and the system won't accept it at 187:


 


X ERROR:The retained profit at 2013-06-30 must tally with the value in the balance sheet. Please check and amend your entries.


 


Can you help, please?

Expert:  taxadvisor.uk replied 3 years ago.
Thank you for your reply...

Here are my entries and they balance

Description Box This year Box Last year
of account No. Amount No. Amount
CAPITAL AND RESERVES
CALLED UP SHARE CAPITAL AC70 1 AC71 1
REVALUATION RESERVE AC76 0 AC77 0
PROFIT AND LOSS ACCCOUNT AC74 8,279 AC75 -1,461
TOTAL SHAREHOLDERS FUNDS AC80 8,280 AC81 -1,460
Difference xxxx 0 0
Description Box This year Box Last year
of account No. Amount No. Amount
STATUTORY ACCOUNTS NOTES
profit and loss - opening balance AC184 -1,461 AC215 0
profit for the period AC185 14,740 AC216 -1,461
equity dividends paid AC186 5,000 AC217 0
retained profit AC187 8,279 AC218 -1,461

You can see that boxes AC74=AC187=8,279
and boxes AC75=AC218=1,461

hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.



Customer: replied 3 years ago.

Thank you very much - this is fantastic! I just wanted to let you know I've completed and submitted the form.


 


Brilliant service and I shall recommend to others.

Expert:  taxadvisor.uk replied 3 years ago.
I am pleased you were able to complete and submit the return.

If you are happy and there are no more issues I will appreciate if you would kindly rate the service I provided to ensure I get paid for it.

taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4881
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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Expert:  taxadvisor.uk replied 3 years ago.
I thank you for accepting my answer.
Your reward of a bonus is greatly appreciated.

Best wishes.

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