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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4973
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I have the same issue with the CT600 form - looks like it should

Resolved Question:

I have the same issue with the CT600 form - looks like it should balance but have been up all night trying to understand why it does not! I have all the numbers and saved the document - are you able to help me?
Submitted: 3 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 3 years ago.

Hello and welcome to the site. Thank you for your question.

Yes, I will be able to help you ...

Please complete boxes as applicable and I will review your accounts for errors.

Also advise if last year was Year 1 of trading.

 

DescriptionBoxThis yearBoxLast year
of accountNo.AmountNo.Amount
PROFIT AND LOSS
PROFIT OR (LOSS) BEFORE TAXAC320AC330
TAXAC340AC350
PROFIT OR (LOSS) FOR THE YEARAC360AC370
DIVIDENDS FOR THE PERIODAC380AC390
TRANSFERRED TO RESERVESAC400AC410
DescriptionBoxThis yearBoxLast year
of accountNo.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
DescriptionBoxThis yearBoxLast year
of accountNo.AmountNo.Amount
CAPITAL AND RESERVES
CALLED UP SHARE CAPITALAC700AC710
REVALUATION RESERVEAC760AC770
PROFIT AND LOSS ACCCOUNTAC740AC750
TOTAL SHAREHOLDERS FUNDSAC800AC810
Differencexxxx00
DescriptionBoxThis yearBoxLast year
of accountNo.AmountNo.Amount
STATUTORY ACCOUNTS NOTES
profit and loss - opening balanceAC1840AC2150
profit for the periodAC1850AC2160
equity dividends paidAC1860AC2170
retained profitAC1870AC2180


Many thanks

Customer: replied 3 years ago.


It will not let me enter info - is this ok?


 


2011 - 2012: £3277 sales earned and admin etc costs £6445. Loss £3169 - £1 share = - £3168 (AC33)


 


2012 - 2013: £36416 sales earned and admin etc costs £25957. Profit £10459 (AC32) pre tax


 


I assume tax is 20% on (£10459 less £3168) £7291 and is £1458. Is that right?


 


Cash in hand £7291 - £1458 = £5833. Less £1 share = £5832


 


It is AC68 - AC81 onwards I have problem with.


 


It will not let me upload the document so you can see so am not sure if you have enough


 


Many thanks


 


 


Many thanks


 

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

Here are a set of accounts for your consideration. They balance with no error message.
Assumptions made

- this is year 2 of trading
- issued share capital remains as 1
- last year's loss was funded by the director and it remained as creditor at year end Year 1

Description Box This year Box Last year
of account No. Amount No. Amount
PROFIT AND LOSS
PROFIT OR (LOSS) BEFORE TAX AC32 10,459 AC33 -3,168
TAX AC34 1,458 AC35 0
PROFIT OR (LOSS) FOR THE YEAR AC36 9,001 AC37 -3,168
DIVIDENDS FOR THE PERIOD AC38 0 AC39 0
TRANSFERRED TO RESERVES AC40 9,001 AC41 -3,168
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 7,292 AC55 0
TOTAL CURRENT ASSETS AC56 7,292 AC57 0
CREDITORS DUE WITHIN ONE YEAR AC58 1,458 AC59 3,167
NET CURRENT ASSETS AC60 5,834 AC61 -3,167
TOTAL ASSETS LESS CURRENT LIABILITIES AC62 5,834 AC63 -3,167
CREDITORS DUE AFTER MORE THAN ONE YEAR AC64 0 AC65 0
PROVISION FOR LIABILITIES AC66 0 AC67 0
TOTAL NET ASSETS AC68 5,834 AC69 -3,167
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 5,833 AC75 -3,168
TOTAL SHAREHOLDERS FUNDS AC80 5,834 AC81 -3,167
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 -3,168 AC215 0
profit for the period AC185 9,001 AC216 -3,168
equity dividends paid AC186 0 AC217 0
retained profit AC187 5,833 AC218 -3,168

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 and other Tax Specialists are ready to help you
Customer: replied 3 years ago.

yes - all balances now! Have a good day

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

Best wishes

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