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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4795
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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corporation tax CT600 form

Resolved Question:

I need help with my corporation tax CT600 form as it does not balance.


Ive tried changing the figure in AC74 and AC75 to the figures in AC40 and AC41 but the the balance sheet does not balance

Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.
Hello and welcome to the site. Thank you for your question.

Please complete boxes as applicable and I will review the accounts for you. We will clear the error.

Please advise if this is your firat year of reporting. If not, complete this year and last year columns

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 0 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

Many thanks
Customer: replied 2 years ago.

 





































































































































































































































































DescriptionBoxThis yearBoxLast year
of accountNo.AmountNo.Amount
PROFIT AND LOSS
PROFIT OR (LOSS) BEFORE TAXAC32-1598AC33-1178
TAXAC340AC350
PROFIT OR (LOSS) FOR THE YEARAC36-1598AC37-1178
DIVIDENDS FOR THE PERIODAC380AC390
TRANSFERRED TO RESERVESAC40-1598AC41-1178
DescriptionBoxThis yearBoxLast year
of accountNo.AmountNo.Amount
BALANCE SHEET
INTANGIBLE ASSETSAC420AC430
TANGIBLE ASSETSAC440AC450
TOTAL FIXED ASSETSAC480AC490
STOCKSAC500AC510
DEBTORSAC521862AC53311
CASH AT BANK AND IN HANDAC54781AC55702
TOTAL CURRENT ASSETSAC562643AC571013
CREDITORS DUE WITHIN ONE YEARAC580AC590
NET CURRENT ASSETSAC602643AC611013
TOTAL ASSETS LESS CURRENT LIABILITIESAC622643AC631013
CREDITORS DUE AFTER MORE THAN ONE YEARAC640AC650
PROVISION FOR LIABILITIESAC660AC670
TOTAL NET ASSETSAC682643AC691013
DescriptionBoxThis yearBoxLast year
of accountNo.AmountNo.Amount
CAPITAL AND RESERVES
CALLED UP SHARE CAPITALAC700AC710
REVALUATION RESERVEAC760AC770
PROFIT AND LOSS ACCCOUNTAC742643AC751013
TOTAL SHAREHOLDERS FUNDSAC802643AC811013
Differencexxxx00
DescriptionBoxThis yearBoxLast year
of accountNo.AmountNo.Amount
STATUTORY ACCOUNTS NOTES
profit and loss - opening balanceAC1840AC2150
profit for the periodAC185-1598AC216-1178
equity dividends paidAC1860AC2170
retained profitAC1870AC2180

Expert:  taxadvisor.uk replied 2 years ago.

Kale, thank you for your prompt reply.

Please clarify for me

Is this reporting year your second year of reporting?
Do you have any issued share capital? What did you report on your annual return filed with Companies House?

If last year was year one of reporting then profit transferrred to reserves
AC41=AC216=AC218=AC75 ... all should read -1,178

 

You are showing a bigger loss in this year yet your net assets have increased ... this does not look right...

 

You are not showing any creditors ... please review box AC58/AC59

please advise what was filed as abbreviated accounts for last year?

Many thanks

Customer: replied 2 years ago.

Hi


 


this is my second year of reporting and all the information from AC13 on wards is the info i filed for my first year last year.

Expert:  taxadvisor.uk replied 2 years ago.
kale,if last year was Year 1 then your accounts for year don't balance.

You reported a loss of -1,178 which means the balance sheet should have reported negative net assets.. you must have paid for expenses out of own funds and they are not reflected in the creditors figure for last year.

Also, I asked what you reported as called up share capital in your annual return filed at Companies house

If there is no issued share capital then for last year Boxes AC41, AC69, AC75, AC81, AC216 and AC218 should read -1,178 unless your profit and loss for year one was different.

Please advise
Customer: replied 2 years ago.

For companies house there was no share capital issued.


 


What can I do to rectify the balance sheet?

Expert:  taxadvisor.uk replied 2 years ago.
Kale, this a a version of balance sheet that agrees with no error messages...

Assumptions made are
- profit and loss for each year is correct
- no issued share capital
- losses were funded by the director and the amounts not paid back at end of each year are shown as creditor
- cash and debtors are correct

Description Box This year Box Last year
of account No. Amount No. Amount
PROFIT AND LOSS
PROFIT OR (LOSS) BEFORE TAX AC32 -1,598 AC33 -1,178
TAX AC34 0 AC35 0
PROFIT OR (LOSS) FOR THE YEAR AC36 -1,598 AC37 -1,178
DIVIDENDS FOR THE PERIOD AC38 0 AC39 0
TRANSFERRED TO RESERVES AC40 -1,598 AC41 -1,178
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 1,862 AC53 311
CASH AT BANK AND IN HAND AC54 781 AC55 702
TOTAL CURRENT ASSETS AC56 2,643 AC57 1,013
CREDITORS DUE WITHIN ONE YEAR AC58 5,419 AC59 2,191
NET CURRENT ASSETS AC60 -2,776 AC61 -1,178
TOTAL ASSETS LESS CURRENT LIABILITIES AC62 -2,776 AC63 -1,178
CREDITORS DUE AFTER MORE THAN ONE YEAR AC64 0 AC65 0
PROVISION FOR LIABILITIES AC66 0 AC67 0
TOTAL NET ASSETS AC68 -2,776 AC69 -1,178
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 -2,776 AC75 -1,178
TOTAL SHAREHOLDERS FUNDS AC80 -2,776 AC81 -1,178
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 -1,178 AC215 0
profit for the period AC185 -1,598 AC216 -1,178
equity dividends paid AC186 0 AC217 0
retained profit AC187 -2,776 AC218 -1,178

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.

taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4795
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
taxadvisor.uk and other Tax Specialists are ready to help you
Customer: replied 2 years ago.

Thanks, XXXXX XXXXX try it now, i will rate in 2 mins

Expert:  taxadvisor.uk replied 2 years ago.
I thank you for accepting my answer.

Best wishes
Customer: replied 2 years ago.

Hi


 


Thanks for helping me with my accounts. I now need to do the abbreviated accounts on companies house but because i have subbmitted late i need to do them up to feb 2014 so there are two coulms 2013 and 2014 to complete.

Expert:  taxadvisor.uk replied 2 years ago.
Kale, I will be happy to help you.

You will have to put a new question per JustAnswer terms. If you wish me to assist you, then please request that taxadvisor.uk answers the question. You can also address the question to me using my ID.

Many thanks

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