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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4972
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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Are you able to answer question today on my Company accounts? I

Resolved Question:

Are you able to answer question today on my Company accounts?

I need to submit by 23 February 2014 to avoid £1k fine.

First year accounts having problems with AC218
Submitted: 3 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 3 years ago.
Hello and welcome to the site. Thank you for your question.

Please complete boxes as applicable and i will review them for you. We will clear the problems associated with Box AC218

Description Box This year
of account No. Amount
PROFIT AND LOSS
PROFIT OR (LOSS) FOR THE YEAR AC36 0
DIVIDENDS FOR THE PERIOD AC38 0
TRANSFERRED TO RESERVES AC40 0
Description Box This 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 0
NET CURRENT ASSETS AC60 0
TOTAL ASSETS LESS CURRENT LIABILITIES AC62 0
CREDITORS DUE AFTER MORE THAN ONE YEAR AC64 0
PROVISION FOR LIABILITIES AC66 0
TOTAL NET ASSETS AC68 0
Description Box This year
of account No. Amount
CAPITAL AND RESERVES
CALLED UP SHARE CAPITAL AC70 0
REVALUATION RESERVE AC76 0
PROFIT AND LOSS ACCCOUNT AC74 0
TOTAL SHAREHOLDERS FUNDS AC80 0
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 0
equity dividends paid AC186 0
retained profit AC187 0

Many thanks
Customer: replied 3 years ago.

AC12 = 131,527


AC14 = 96,042


AC16 = 35,485


AC18 = 15,016


AC20 = 18,819


AC22 = 0


AC26 = 1,650


AC28 = 0


AC30 = 136


AC32 = 1,514


AC34 = 0


AC36 = 1,514


AC38 = 0


AC40 = 1,514



AC42 = 0


AC44 = 1,150


AC48 = 1,150



AC50 = 3,575


AC52 = 0


AC54 = 4,029


AC56 = 7,604


AC58 = 2,421


AC60 = 5,183


AC62 = 6,333


AC64 = 0


AC66 = 0


AC68 = 6,333



AC70 = 0


AC76 = 0


AC74 = 6,333


AC80 = 6,333



AC82 = 180


AC84 = 0


AC201 = 0


AC203 = 0


AC86 = 0


AC90 = 0


AC225 = 0



AC98 = 8,000


AC100 = 1,600


AC102 = 0


AC104 = 9,600


AC106 = 2



AC108 = 302


AC110 = 0


AC112 = 302


AC325 = 1,514


AC327 = 0



AC227 = 0


AC229 = 0


AC231 = 0


AC233 = 0



AC124D = 0


AC125D = 294


AC126D = 0


AC212D = 0


AC213D = 0


AC127D = 294



AC128D = 0


AC129D = 44


AC130D = 0


AC214D = 0


AC131D = 44



AC132D = 250



AC124E = 0


AC125E = 1,059


AC126E = 0


AC212E = 0


AC213E = 0


AC127E = 1,059



AC128E = 0


AC129E = 159


AC130E = 0


AC214E = 0


AC131E = 159



AC132E = 900



AC124 = 0


AC125 = 1,353


AC126 = 0


AC212 = 0


AC213 = 0


AC127 = 1,353



AC128 = 0


AC129 = 203


AC130 = 0


AC214 = 0


AC131 = 203



AC132 = 1,150



AC261 = 500


AC263 = 0


AC265 = 0


AC267 = 3,075


AC269 = 0


AC271 = 3,575



AC142 = 0


AC144 = 0


AC146 = 0


AC148 = 0


AC150 = 2,421


AC152 = 0


AC154 = 2,421



AC184 = 0


AC185 = 1,514


AC186 = 0


AC187? = ERROR MESSAGE

Expert:  taxadvisor.uk replied 3 years ago.
Paul, thank you for the detailed accounts.

As this is your first year of reporting,

Box AC40=Box AC74=Box AC187 and all should read £1,514.

Also Box AC68=Box AC80 .. there is a difference of £4,819.

If your profit and loss account is correct and you have accounted for all expenditure how every paid or not paid, then your problem lies within the top part of balance sheet.

I would like you to re visit your balance sheet as your net assets appear to be overstated. This is a start up year and there is a likelihood that your may have paid for items of expense from own funds and that monies were owed to you at year end. This may not have been properly reflected within creditors (Box AC58).

I await further news.

Many thanks
Customer: replied 3 years ago.

Managed to sort thanks but have now noticed that AC112 is highlighting an error. It is automatically calculated.


 


Message reads "Error: This item already appears in the profit and loss account. It must match even if it is a nil value. Please amend your entry.

Expert:  taxadvisor.uk replied 3 years ago.
Paul, thank you for your reply.

I am pleased you have managed to sort things.

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 credited for it.

Customer: replied 3 years ago.

Are you able to resolve AC112 error?

Expert:  taxadvisor.uk replied 3 years ago.
Paul, boxes AC108 to AC112 cover taxation.

As per your return
Box AC108=302 and
Box AC34 = 0

There is inconsistency here.
If there is no provision in the accounts as Box AC34=0 then you should not input any value in Box AC108.

I hope this is helpful
taxadvisor.uk and other Tax Specialists are ready to help you
Expert:  taxadvisor.uk replied 3 years ago.
You may wish not to enter the note on taxation. In that case, go to Accounts Notes menu and de-select this section.


Expert:  taxadvisor.uk replied 3 years ago.
I thank you for accepting my answer.

Best wishes

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