How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask taxadvisor.uk Your Own Question

taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4879
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
54961312
Type Your Tax Question Here...
taxadvisor.uk is online now

Hi there, Can anyone help with AC70-AC80 values? AC12=23351 AC14=6675 AC16=16676 AC20

Resolved Question:

Hi there,
Can anyone help with AC70-AC80 values?
AC12=23351
AC14=6675
AC16=16676
AC20=4384
AC26=12292
AC28=1
AC32=12293
AC34=2457
AC36=9836
AC38=9836
AC40=0

AC44=500
AC48=500
AC52=625
AC54=1885
AC56=2510
AC58=2928
AC60=-418
AC62=82
AC68=82

AC70=?
AC76=?
AC74=?
AC80=?

It would be much appreciated. Thanks
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 advise -

- is this your first year of trading?
- did you issue any shares to yourself ( you should be able to confirm this by looking at the first annual return filed at companies house coverin share capital)


Many thanks
Customer: replied 2 years ago.

Thanks for your response.


Yes, it's the first year of trading (the company was set up on 10.09.2012)


I tried to look online for the first annual return but it doesn't come up...don't know why and also I did't save any copy of it. It only say ''Last annual return made up to 10 September 2013''


 

Expert:  taxadvisor.uk replied 2 years ago.
Mnica, thank you for your prompt reply.

You have shown on Box AC38 (dividends for the period) 9,836.
Please confirm you took out profit after tax as dividends.

We will have to show on Box AC70 what ever you have stated on your annual return. If you don't have a copy, you can request details from Comapnaies House for a nominal fee.

Many thanks
Customer: replied 2 years ago.

Regarding dividends...yes, I took out profit after tax.


As far as I remember, AC70=£1


 


Many thanks

Expert:  taxadvisor.uk replied 2 years ago.
Mnica, thank you for your reply and for additional information.

Your accounts show a small difference of 81.

Let's assume the profit figure for the year is correct. You have a difference within the top half of balance sheet. Simply solution is to increase creditors (Box AC58) by this sum and the new figure becomes 3,009.

The alternative is to reduce cash at bank and in hand Box AC54 by 81.. this option is only practical if you held cash at year end.

I would opt for creditors.

Here is my version of your accounts. They balance and no error messages.
Description this year this year
of account box amount
PROFIT AND LOSS
TURNOVER AC12 23,351
COST OF SALES AC14 6,675
GROSS PROFIT AC16 16,676
DISTRIBUTION COSTS AC18 0
ADMINISTRATIVE EXPENSES AC20 4,384
OTHER OPERATING INCOME AC22 0
OPERATING PROFIT OR (LOSS) AC26 12,292
INTEREST RECEIVABLE AC28 1
INTEREST PAYABLE AC30 0
PROFIT OR (LOSS) BEFORE TAX AC32 12,293
TAX AC34 2,457
PROFIT OR (LOSS) FOR THE YEAR AC36 9,836
DIVIDENDS FOR THE PERIOD AC38 9,836
TRANSFERRED TO RESERVES AC40 0
Description this year this year
of account box amount
BALANCE SHEET
INTANGIBLE ASSETS AC42 0
TANGIBLE ASSETS AC44 500
TOTAL FIXED ASSETS AC48 500
STOCKS AC50 0
DEBTORS AC52 625
CASH AT BANK AND IN HAND AC54 1,885
TOTAL CURRENT ASSETS AC56 2,510
CREDITORS DUE WITHIN ONE YEAR AC58 3,009
NET CURRENT ASSETS AC60 -499
TOTAL ASSETS LESS CURRENT LIABILITIES AC62 1
CREDITORS DUE AFTER MORE THAN ONE YEAR AC64 0
PROVISION FOR LIABILITIES AC66 0
TOTAL NET ASSETS AC68 1
CAPITAL AND RESERVES
CALLED UP SHARE CAPITAL AC70 1
REVALUATION RESERVE AC76 0
PROFIT AND LOSS ACCCOUNT AC74 0
TOTAL SHAREHOLDERS FUNDS AC80 1
Difference xxxx 0
this year this year
STATUTORY ACCOUNTS NOTES box amount
profit and loss - opening balance ac184 0
profit for the period ac185 9,836
equity dividends paid ac186 9,836
retained profit ac187 0

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: 4879
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.


You are a lifesaver!


One more thing, if it's not too much...which boxes should I tick next, on Statutory Accounts Notes


 


Thanks

Expert:  taxadvisor.uk replied 2 years ago.
Mnica, thank you for your reply and good words.

Pick boxes
Accounting policies - by default
Tangible assets and select category
Called up share capital - by default
profit and loss account - by default

I hope this is helpful and answers your question.

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 2 years ago.

Thanks a grand!


 

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

Best wishes.

What Customers are Saying:

 
 
 
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
< Previous | Next >
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
 
 
 

Meet The Experts:

 
 
 
  • Sam

    Sam

    Accountant

    Satisfied Customers:

    7088
    26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
< Previous | Next >
  • http://ww2.justanswer.com/uploads/TA/Tax Expert/2013-8-21_231010_sam.64x64.jpg Sam's Avatar

    Sam

    Accountant

    Satisfied Customers:

    7088
    26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
  • http://ww2.justanswer.com/uploads/BI/bigduckontax/2013-8-12_222058_1.64x64.jpg bigduckontax's Avatar

    bigduckontax

    Accountant

    Satisfied Customers:

    2333
    FCCA FCMA CGMA ACIS
  • http://ww2.justanswer.com/uploads/TA/TaxRobin/2013-8-28_16186_femalebusinessprofessionalbinderhand11038485.64x64.jpg TaxRobin's Avatar

    TaxRobin

    Tax Consultant

    Satisfied Customers:

    524
    International tax
  • /img/opt/shirt.png taxadvisor.uk's Avatar

    taxadvisor.uk

    Chartered Certified Accountant

    Satisfied Customers:

    2845
    FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
  • http://ww2.justanswer.com/uploads/MS/MsAM/2012-6-9_16426_anna.64x64.jpeg Anna's Avatar

    Anna

    Teacher, writer, biologist

    Satisfied Customers:

    270
    Great research skills, variety of work experiences, teaching experience.
  • http://ww2.justanswer.com/uploads/PD/pdheslin/2012-6-6_232056_pambig.64x64.jpg pdheslin's Avatar

    pdheslin

    Consultant

    Satisfied Customers:

    51
    20+ years of internet site creation and search engine optimization. Dozens of search tools at my disposal.