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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5027
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I am unable to complete my CT600 as I get errors with my f

Resolved Question:

I am unable to complete my CT600 as I get errors with my figures
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 explain your problem..
- what is the error message
- is this your first year of reporting

many thanks
Customer: replied 2 years ago.

Hi

Its my first return.

The balance sheet does not tally.

These are the figures I enter on the ct600. I have a profit and loss and balance sheet but not sure if my balance sheet figures are correct. I havent really does my business so there are very few figures or transactions.



































































































































































































TURNOVERAC1217,616
COST OF SALESAC1420,398
GROSS PROFITAC16-2,782
DIST COSTSAC181,017
ADMINAC201,600
OTHERAC220
OPPERTAING PROFITAC26-5,399
INTERESTAC28
INTERESTAC30
PROFITAC32-5,399
TAXAC34
PROFITAC36-5,399
DIVIDENDSAC38
NET BALANCEAC40-5,399
ASSETSAC42
ASSETSAC44
TOTAL FIXED ASSETSAC48
STOCKSAC5013,925
DEBTORSAC52
CASHAC541,864
TOTAL CURRENT ASSESTSAC5615,789
CREDITORSAC5813,285
NET CURRENT ASSESTSAC602,504
TOTAL ASSETS LESS LIABAC622,504
CREDITORSAC64
PROVISIONAC66
TOTAL NET ASSESTSAC682,504
CALLED UP SHARE CAPITALAC700
REVALUATIONAC76
PROFIT AND LOSSAC7415,440
TOTAL SHAREHOLDS FUNDAC80
Expert:  taxadvisor.uk replied 2 years ago.

Thank you for your reply and for additional information.

You say it is your first year of trading/first return. I need you to clarify a few points for me please...

You are showing a negative gross profit that would suggest you were selling items at a loss yet you have a large stock balance at the year end. This does not make sense.. please advise if have you properly adjusted your cost of sales for closing stock at the year end.

Being first year of reporting both boxes AC40 and AC74 should read the same figure.. you are showing in AC40 -5,399 and in AC74 15,440 .. where did this figure of 15,440 come from?

You are showing zero called up share capital. Please advise wht called up share capital have you reported on the company’s annual return filed at Companies House.

I await further news from you.

Many thanks

Customer: replied 2 years ago.

I purchased a lot of stock which was sold in the next period.

I have attached my profit and loss which might show this better.

I think my share capital should be £1.





















































































































































































































































































































































































































































































































PROFIT & LOSS ACCOUNTNov-11Dec-11Jan-12Feb-12Mar-12Apr-12May-12Jun-12Jul-12Aug-12Sep-12Oct-12Nov-12
REVENUE
Goods Invocied683.752,355.171,250.003,260.323,065.851,610.75500.00500.001,128.220.000.00459.003,260.00
Credit Notes0.000.000.000.000.000.00-456.500.000.000.000.000.000.00
Total Net Sales683.752,355.171,250.003,260.323,065.851,610.7543.50500.001,128.220.000.00459.003,260.00
Cost of Goods446.401,452.77546.75928.041,472.391,173.600.000.00453.320.000.0013,925.490.00
Cost of Delivery55.75187.310.00196.64175.5291.3611.480.0032.050.004.49263.040.00
Total Cost of Sales502.151,640.08546.751,124.681,647.911,264.9611.480.00485.370.004.4914,188.530.00
GROSS PROFIT181.60715.09703.252,135.641,417.94345.7932.02500.00642.850.00-4.49-13,729.533,260.00
EXPENSES
Wages
Rent/Storage 274.85418.00
Warehouse Consumables 158.29158.29
Travel 19.80
Telephone/Broadband 16.1814.7415.7317.9021.3117.3519.5811.0211.1619.78
Mobile 10.4210.4210.4210.4210.4210.4210.4210.4210.4210.42
Office Consumables 77.8817.4821.66 10.00 39.4615.8237.06
Bank Charges 6.006.00 6.006.006.006.006.006.00
Credit Card Minimum
Other Business Costs34.99
Total Expenses34.9977.8837.2854.2631.1636.1528.3237.7333.7775.4643.26497.78612.49
NET PROFIT INCOME146.61637.21665.972,081.381,386.78309.643.70462.27609.08-75.46-47.75-14,227.312,647.51
VAT Bill 205.86 351.71 224.04
VAT Income
Payments IN535.68250.00 1,911.13 17,350.00
Payments Out 1,300.00 209.821,500.001,400.001,300.00 700.00700.00
Directors Loan Account-535.68-250.000.00-611.130.00209.821,500.001,400.001,300.000.00700.00-16,650.000.00
Expert:  taxadvisor.uk replied 2 years ago.
Andy, thank you for your reply.

Your question is complex and I am happy to continue but by offering additional service.
Please let me know if you wish for me to continue and I will send you an offer.

Otherwise, I will give another expert an opportunity to help you.

Many thanks
Customer: replied 2 years ago.

Let me know

Expert:  taxadvisor.uk replied 2 years ago.
Andy, thank you for your reply.
I am sending you an offer

I await further news
taxadvisor.uk and other Tax Specialists are ready to help you
Expert:  taxadvisor.uk replied 2 years ago.
Andy, thank you for accepting my answer.

let me digest your monthly management accounts and I will come back with questions in the morning.

In the meantime... just clarify
Director's account was in credit at year end and confirm the amount is as shown in your accounts.

many thanks
Customer: replied 2 years ago.

OK, thanks for your help.

Yes, the loan paid for the large stock purchase and rent etc... I have a figure of £12,936.82 after the payments in and out.

I basically don't really have a balance sheet and need to file my CT600. If this works I will also need my next few CT600's doing.

Thanks.

Expert:  taxadvisor.uk replied 2 years ago.
Andy, thank for your reply...

I will revert in the morning with action plan.

Enjoy your evening.
Expert:  taxadvisor.uk replied 2 years ago.

Andy, thank you for your reply.

I have gone through your numbers and made adjustment tocost of sales for stock held at year end. I have also added distribution costs to COS as I know there is no box for distribution cost when you move to computations section of CT600 return.

The monthly figures given are for 13 months and it would suggest your first set of accounts cover the period from date of incorporation to 30 Nov 2012.

Although there is cash inflow/outflow through out the period, I am not sure how it is properly reflected in the accounts. If we were to look at receipts and payments, we have

Incomings

Receipts from sales = 18,073

Outgoings

Payments for purchases = 21,416

Payments for expenses = 1,600

VAT bills = 782

Total = 23,798

Deficit = 5,725

This deficit has been funded by the director through director’s loan and there was a cash balance at period end.

To make the accounts balance I have reduced the creditors figure (director’s account) to reflect aforementioned comments and my figures are as follows:

PROFIT AND LOSS Box No. This year
turnover AC12 17,616
cost of sales AC14 7,491
gross profit AC16 10,125
distribution costs AC18 0
administrative expenses AC20 1,600
other operating income AC22 0
operating profit or (loss) AC26 8,525
interest receivable AC28 0
interest payable AC30 0
profit or (loss) on ordinary activities before taxation AC32 8,525
tax on profit or loss on ordinary activities AC34 0
profit or (loss) for the financial year AC36 8,525
dividends for the period AC38 0
net balance for the financial period transferred to reserves AC40 8,525
BALANCE SHEET Box No. This year
intangible assets AC42 0
tangible assets AC44 0
TOTAL FIXED ASSETS AC48 0
stocks AC50 13,925
debtors AC52
cash at bank and in hand AC54 1,864
TOTAL CURRENT ASSETS AC56 15,789
creditors due within one year AC58 7,263
NET CURRENT ASSETS AC60 8,526
TOTAL ASSETS LESS CURRENT LIABILITIES AC62 8,526
creditors due after more than one year AC64 0
provision for liabilities AC66 0
TOTAL NET ASSETS AC68 8,526
CAPITAL AND RESERVES Box No. This year
called up share capital AC70 1
revaluation reserve AC76 0
profit and loss account AC74 8,525
TOTAL SHAREHOLDERS FUNDS AC80 8,526
Difference xxxx 0
STATUTORY ACCOUNTS NOTES Box No. This year
profit and loss - opening balance ac184 0
profit for the period ac185 8,525
equity dividends paid ac186 0
retained profit ac187 8,525


I hope this is helpful and answers your question.

Customer: replied 2 years ago.

Thanks for this.

It seems that I have to file the following accounting periods.



  • 01 Dec 2013 - 30 Nov 2014

  • 01 Dec 2012 - 30 Nov 2013

  • 16 Nov 2012 - 30 Nov 2012

  • 16 Nov 2011 - 15 Nov 2012

  • 11 Nov 2011 - 15 Nov 2011


Would you want to quote to do it all.

Thanks





















































































































































































































































































































































































































































































































































































































































































































































































































































PROFIT & LOSS ACCOUNTNov-11Dec-11Jan-12Feb-12Mar-12Apr-12May-12Jun-12Jul-12Aug-12Sep-12Oct-12Nov-12 Dec-12Jan-13Feb-13Mar-13Apr-13May-13Jun-13Jul-13Aug-13Sep-13Oct-13Nov-13 Dec-13Jan-14Feb-14Mar-14Apr-14May-14Jun-14Jul-14Aug-14Sep-14Oct-14Nov-14 Dec-14Jan-15
REVENUE
Goods Invocied683.752,355.171,250.003,260.323,065.851,610.75500.00500.001,128.220.000.00459.003,260.0018,073.06450.008,780.272,326.041,078.13334.380.000.000.001,500.000.000.000.0014,468.820.000.001,956.72370.730.000.00434.300.000.000.000.000.002,761.750.000.00
Credit Notes0.000.000.000.000.000.00-456.500.000.000.000.000.000.00-456.500.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00
Total Net Sales683.752,355.171,250.003,260.323,065.851,610.7543.50500.001,128.220.000.00459.003,260.0017,616.56450.008,780.272,326.041,078.13334.380.000.000.001,500.000.000.000.0014,468.820.000.001,956.72370.730.000.00434.300.000.000.000.000.002,761.750.000.00
Cost of Goods446.401,452.77546.75928.041,472.391,173.600.000.00453.320.000.0013,925.490.0020,398.760.00878.66766.700.000.000.000.000.000.000.000.000.001,645.360.000.001,107.75283.400.000.000.000.000.000.000.000.001,391.150.000.00
Cost of Delivery55.75187.310.00196.64175.5291.3611.480.0032.050.004.49263.040.001,017.64142.9616.00722.0036.480.000.000.000.000.000.000.000.00917.440.000.00219.8612.006.000.000.000.000.000.000.000.00237.860.000.00
Total Cost of Sales502.151,640.08546.751,124.681,647.911,264.9611.480.00485.370.004.4914,188.530.0021,416.40142.96894.661.0036.480.000.000.000.000.000.000.000.001,075.100.000.001,327.61295.406.000.000.000.000.000.000.000.001,629.010.000.00
GROSS PROFIT181.60715.09703.252,135.641,417.94345.7932.02500.00642.850.00-4.49-13,729.533,260.00-3,799.84307.047,885.612,325.041,041.65334.380.000.000.001,500.000.000.000.0013,393.720.000.00629.1175.33-6.000.00434.300.000.000.000.000.001,132.740.000.0010,726.62
EXPENSES
Wages0.00
Rent/Storage274.85418.00692.85418.00418.0059.5066.0048.0048.0060.0048.0036.001,201.500.00
Warehouse Consumables158.29158.29316.580.000.00
Travel19.8019.800.000.00
Telephone/Broadband16.1814.7415.7317.9021.3117.3519.5811.0211.1619.78164.7511.2610.1110.1317.0217.0220.1320.1322.8018.2918.2918.2918.29201.7618.2918.2918.2918.2918.2918.2918.2918.2918.2918.2918.2918.29219.4818.2918.29
Mobile10.4210.4210.4210.4210.4210.4210.4210.4210.4210.42104.2010.4210.4210.4210.4210.4210.4210.4210.4210.4210.4210.4210.42125.0410.4210.4210.4210.4210.4210.4210.4210.4210.4210.4210.4210.42125.0410.4210.42
Office Consumables77.8817.4821.6610.0039.4615.8237.06219.360.000.00
Bank Charges6.006.006.006.006.006.006.006.0048.006.006.006.006.006.006.006.0014.6036.8111.6511.816.27123.146.276.086.085.507.376.315.856.506.085.8594.0631.56187.516.536.53
Credit Card Minimum0.000.0043.0043.0042.0041.0042.0041.0040.0039.0039.00370.0038.0038.00
Other Business Costs34.9934.9925.1325.13200.00200.00188.00188.00
Total Expenses34.9977.8837.2854.2631.1636.1528.3237.7333.7775.4643.26497.78612.491,600.53445.68469.6686.0599.4481.4484.5596.5595.82101.5240.3640.5234.981,676.5734.9834.7934.7977.2179.0877.0275.5677.2175.7974.56161.77299.271,102.03261.24261.24
NET PROFIT INCOME146.61637.21665.972,081.381,386.78309.643.70462.27609.08-75.46-47.75-14,227.312,647.51-5,400.37-138.647,415.952,238.99942.21252.94-84.55-96.55-95.821,398.48-40.36-40.52-34.9811,717.15-34.98-34.79594.32-1.88-85.08-77.02358.74-77.21-75.79-74.56-161.77-299.2730.71-261.24-261.246,347.49
VAT Bill205.86351.71224.04781.611,581.561,581.56454.4454.40
VAT Income0.002,954.312,954.310.00
Payments IN535.68250.00 1,911.13 17,350.00 20,046.81 0.00 754.4 754.40250131020,801.21
Payments Out 1,300.00 209.821,500.001,400.001,300.00 700.00700.00 7,109.821,400.002,750.00700.001,800.001,400.001,400.001,800.00700.00329.14700.00700.00700.0014,379.14700.00700.000.000.00500.000.001,191.54700.000.000.000.000.003,791.540.000.0025,280.50
Directors Loan Account-535.68-250.000.00-611.130.00209.821,500.001,400.001,300.000.00700.00-16,650.000.0012,936.991,400.002,750.00700.001,800.001,400.001,400.001,800.00700.00329.14700.00700.00700.00-14,379.14700.00700.000.000.00500.000.001,191.54700.000.000.00-754.400.00-3,037.14-250.00-1,310.00-4,479.29
Expert:  taxadvisor.uk replied 2 years ago.

Thank you for your reply.

I have sent you a note.

Customer: replied 2 years ago.

Can you resend please, I didn't receive it.

Expert:  taxadvisor.uk replied 2 years ago.
Andy, thanks for your reply.
I can offer additional service to cover each year on a stand alone basis.

I will send an offer per accounting period.
Customer: replied 2 years ago.
Hi
Have you had a chance to look at my other accounting periods yet?
Thanks
Andy
Expert:  taxadvisor.uk replied 2 years ago.
Andy, thank you for your reply.

To be fair, I would like you to put fresh question for each accounting period and I will happily help you. I will then send you an offer for additional service and if it is acceptable we witll proceed.

So please put a fresh question for each accounting period. If you wish me to help you, request that I answer your question in the body of the question.

Many thanks
Customer: replied 2 years ago.

OK.

I put all the figures in and it arrives at 8,525 in box AC187, but I get the error below. I have checked and all the figures and they are as you advised. The only extra figures I put in were the called up share capital, which i pout in AC280 1 and AC281 £1. Is this anything to do with the dates I am using?

X ERROR:The retained profit at 2012-11-30 must tally with the value in the balance
sheet. Please check and amend your entries.

Expert:  taxadvisor.uk replied 2 years ago.
I will revert to you once I have re looked at your figures
Expert:  taxadvisor.uk replied 2 years ago.

Andy, you should be inputting these figures and the accounts are for the period to 30 Nov 2012.

PROFIT AND LOSSBox No.This year
turnoverAC1217,616
cost of salesAC147,491
gross profitAC1610,125
distribution costsAC180
administrative expensesAC201,600
other operating incomeAC220
operating profit or (loss)AC268,525
interest receivableAC280
interest payableAC300
profit or (loss) on ordinary activities before taxationAC328,525
tax on profit or loss on ordinary activitiesAC340
profit or (loss) for the financial yearAC368,525
dividends for the periodAC380
net balance for the financial period transferred to reservesAC408,525
BALANCE SHEETBox No.This year
intangible assetsAC420
tangible assetsAC440
TOTAL FIXED ASSETSAC480
stocksAC5013,925
debtorsAC52
cash at bank and in handAC541,864
TOTAL CURRENT ASSETSAC5615,789
creditors due within one yearAC587,263
NET CURRENT ASSETSAC608,526
TOTAL ASSETS LESS CURRENT LIABILITIESAC628,526
creditors due after more than one yearAC640
provision for liabilitiesAC660
TOTAL NET ASSETSAC688,526
CAPITAL AND RESERVESBox No.This year
called up share capitalAC701
revaluation reserveAC760
profit and loss accountAC748,525
TOTAL SHAREHOLDERS FUNDSAC808,526
Differencexxxx0
STATUTORY ACCOUNTS NOTESBox No.This year
profit and loss - opening balanceac1840
profit for the periodac1858,525
equity dividends paidac1860
retained profitac1878,525

Please send me snap shots of the relevant pages from Balance sheet and profit and loss account

Many thanks

Customer: replied 2 years ago.

Thanks

That has worked.

I am now in a section called Compulations. Can I just enter the details from my my original profit and loss figures in these sections?

Expert:  taxadvisor.uk replied 2 years ago.
use my figures