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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4995
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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, I need help completing a CT600 form. I am trying to complete

Resolved Question:

Hi, I need help completing a CT600 form. I am trying to complete the returns for the first year of trading.
At AC80 i get the following message "The balance sheet does not tally. Shareholders funds must equal the total net assets (liabilities)"
This is what the balance sheet looks like up to this point:
Turnover: AC12 £ 0
Cost of sales: AC14 £5678
Gross profit or (loss): AC16 £-5678
Distribution costs: AC18 £ 0
Administrative expenses: AC20 £ 0
Other operating income: AC22 £ 0
Operating profit or (loss): AC26 £ -5678
Interest receivable and similar income: AC28 £ 0
Interest payable and similar charges: AC30 £ 0
Profit or (loss) on ordinary activities before taxation: AC32 £ -5678
Tax on profit or loss on ordinary activities: AC34 £ 0
Profit or (loss) for the financial year: AC36 £ -5678
Dividends for the period: AC38 £ 0
Net balance for the financial period transferred to reserves: AC40 £ -5678
Intangible assets: AC42 £ 0
Tangible assets: AC44 £ 0
Total fixed assets: AC48 £0
Current assets
Stocks: AC50 £ 5,678
Debtors: AC52 £ 100.00
Cash at bank and in hand: AC54 £ 0
Total current assets: AC56 £ 5,778.0
Creditors: amounts falling due within one year AC58 £ 0
Net current assets (liabilities): AC60 £ 5778.0
Total assets less current liabilities: AC62 £ 5778.0
Creditors: amounts falling due after more than one year: AC64 £ 0
Provision for liabilities: AC66 £ 0
Total net assets (liabilities): AC68 £ 5778.0
Called up share capital: AC70 £100.00
Revaluation reserve: AC76 £ 0
Profit and Loss account: AC74 £-5678.00
Total Shareholders funds: AC £-5578.0 (followed by the error mgs)
I would be grateful if anyone could help!
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 -
I am a bit confused.. you have not made any sales yet you have cost of sales and stock at year end. Furthermore COS is same value as stock.

How did you pay for it?

Many thanks
Customer: replied 2 years ago.

Hi

Thanks for your time and advice

The stock was paid for by investment from the Directors and no sales were made in this period. The stock cost £5678

E

Expert:  taxadvisor.uk replied 2 years ago.

Eilish, thank you for your reply..

I would like you to consider this version of balance sheet
It balances and there should be no error

PROFIT AND LOSSBox No.This year
turnoverAC120
cost of salesAC140
gross profitAC160
distribution costsAC180
administrative expensesAC200
other operating incomeAC220
operating profit or (loss)AC260
interest receivableAC280
interest payableAC300
profit or (loss) on ordinary activities before taxationAC320
tax on profit or loss on ordinary activitiesAC340
profit or (loss) for the financial yearAC360
dividends for the periodAC380
net balance for the financial period transferred to reservesAC400
BALANCE SHEETBox No.This year
intangible assetsAC420
tangible assetsAC440
TOTAL FIXED ASSETSAC480
stocksAC505,678
debtorsAC520
cash at bank and in handAC54100
TOTAL CURRENT ASSETSAC565,778
creditors due within one yearAC585,678
NET CURRENT ASSETSAC60100
TOTAL ASSETS LESS CURRENT LIABILITIESAC62100
creditors due after more than one yearAC640
provision for liabilitiesAC660
TOTAL NET ASSETSAC68100
CAPITAL AND RESERVESBox No.This year
called up share capitalAC70100
revaluation reserveAC760
profit and loss accountAC740
TOTAL SHAREHOLDERS FUNDSAC80100
Differencexxxx0
STATUTORY ACCOUNTS NOTESBox No.This year
profit and loss - opening balanceac1840
profit for the periodac1850
equity dividends paidac1860
retained profitac1870

 

Consider cash in hand as payment for called up share capital.

No debtors

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 2 years ago.

This is great it works for balance sheet but then it says ac267, ac271 and ac187 need figure inputted.

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

What are boxes AC267 and AC271?
I am happy to help you in completing your CT600 through offering additiional service.
Please let me know if you wish to go with it and then I will send you an offer.

You will agree I have answerd your original question and your balance sheet balances now.

Many thanks
Expert:  taxadvisor.uk replied 2 years ago.
i thank you for accepting my answer.

best wishes