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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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Hi I am filling in my tax return online for small company and

Resolved Question:

Hi I am filling in my tax return online for small company and have made an error in entries for statutory accounts notes boxes ac215 - ac218 and ac184 - ac187 the fingures are not balancing as they should. In entries AC40 I have £60.00, in ac41 I have £139 in ac74 I have £260 and in ac 75 I have £-277.
Can you please advise on where this is wrong as i Need to get these in today online.
kind regards,
Tanya
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.
Hello and welcome to the site. Thank you for your question.

I can help you. Please advise if this is your first year of reporting or have you filed one return last year.

Please complete boxes as applicable and I will review your accounts

PROFIT AND LOSS Box No. This year Box No. Last year
profit or (loss) on ordinary activities before taxation AC32 0 AC33 0
tax on profit or loss on ordinary activities AC34 0 AC35 0
profit or (loss) for the financial year AC36 0 AC37 0
dividends for the period AC38 0 AC39 0
net balance for the financial period transferred to reserves AC40 0 AC41 0
BALANCE SHEET Box No. This year Box No. Last year
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
CAPITAL AND RESERVES Box No. This year Box No. Last year
called up share capital AC70 0 AC71 0
revaluation reserve AC76 0 AC77 0
profit and loss account AC74 0 AC75 0
TOTAL SHAREHOLDERS FUNDS AC80 0 AC81 0
Difference xxxx 0 xxxx 0
STATUTORY ACCOUNTS NOTES Box No. This year Box No. Last year
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.

I have copied your text and filled in below:






























































































































































































































PROFIT AND LOSSBox No.This yearBox No.Last year
profit or (loss) on ordinary activities before taxationAC3260.00AC33139
tax on profit or loss on ordinary activitiesAC340AC350
profit or (loss) for the financial yearAC3660AC37139
dividends for the periodAC380AC390
net balance for the financial period transferred to reservesAC4060AC41139
BALANCE SHEETBox No.This yearBox No.Last year
intangible assetsAC420AC430
tangible assetsAC441557AC451808
TOTAL FIXED ASSETSAC481557AC491808
stocksAC500AC510
debtorsAC52120AC530
cash at bank and in handAC54233AC5516
TOTAL CURRENT ASSETSAC56353AC5716
creditors due within one yearAC580AC59366
NET CURRENT ASSETSAC60353AC61-350
TOTAL ASSETS LESS CURRENT LIABILITIESAC621910AC631458
creditors due after more than one yearAC641500AC651500
provision for liabilitiesAC660AC6735
TOTAL NET ASSETSAC68410AC69-77
CAPITAL AND RESERVESBox No.This yearBox No.Last year
called up share capitalAC70150AC71150
revaluation reserveAC760AC770
profit and loss accountAC74260AC75-227
TOTAL SHAREHOLDERS FUNDSAC80410AC81-77
Differencexxxx0xxxx0
STATUTORY ACCOUNTS NOTESBox No.This yearBox No.Last year
profit and loss - opening balanceac184errorac215error
profit for the periodac18560ac216139
equity dividends paidac1860ac2170
retained profitac187errorac218error
Expert:  taxadvisor.uk replied 2 years ago.
Tanya, thank you for your reply.

It appears you have missed creditors on box AC58. Your net assets (Box AC68) should equal shareholders funds (Box AC80). Please consider the following figures as you will see these accounts agree and there is no error message.

PROFIT AND LOSS Box No. This year Box No. Last year
profit or (loss) on ordinary activities before taxation AC32 60 AC33 139
tax on profit or loss on ordinary activities AC34 0 AC35 0
profit or (loss) for the financial year AC36 60 AC37 139
dividends for the period AC38 0 AC39 0
net balance for the financial period transferred to reserves AC40 60 AC41 139
BALANCE SHEET Box No. This year Box No. Last year
intangible assets AC42 0 AC43 0
tangible assets AC44 1,557 AC45 1,808
TOTAL FIXED ASSETS AC48 1,557 AC49 1,808
stocks AC50 0 AC51 0
debtors AC52 120 AC53 0
cash at bank and in hand AC54 233 AC55 16
TOTAL CURRENT ASSETS AC56 353 AC57 16
creditors due within one year AC58 427 AC59 366
NET CURRENT ASSETS AC60 -74 AC61 -350
TOTAL ASSETS LESS CURRENT LIABILITIES AC62 1,483 AC63 1,458
creditors due after more than one year AC64 1,500 AC65 1,500
provision for liabilities AC66 0 AC67 35
TOTAL NET ASSETS AC68 -17 AC69 -77
CAPITAL AND RESERVES Box No. This year Box No. Last year
called up share capital AC70 150 AC71 150
revaluation reserve AC76 0 AC77 0
profit and loss account AC74 -167 AC75 -227
TOTAL SHAREHOLDERS FUNDS AC80 -17 AC81 -77
Difference xxxx 0 xxxx 0
STATUTORY ACCOUNTS NOTES Box No. This year Box No. Last year
profit and loss - opening balance ac184 -227 ac215 -366
profit for the period ac185 60 ac216 139
equity dividends paid ac186 0 ac217 0
retained profit ac187 -167 ac218 -227


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.

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Customer: replied 2 years ago.

thanks you so much for your speedy service and excellent detail - just what I needed to complete the online submission. thank you once again.

Tanya

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

Best wishes.

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