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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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46866.8 I'm looking /guidance on completing

Resolved Question:

46866.8
I'm looking for advice/guidance on completing my 1st CT600.
company was incorporated on 18th March 2014, I've got two notice to files (26th Mar 14 - 25 march 15) and (26 Mar 15 and 31 Mar 15)
Should both be identical?
I've provisionally completed the below, but the numbers don't match what I;ve worked out on a full breakdown
Turn Over - TOTAL expenses = £18,889.28 * 0.2
£3,777.86 Is this the value I would enter in to AC34?
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 ..

Did you actually start to trade on the date of incorporation or at a later date?
Where does the date 26 Mar 2014 come from?

What is the company's issued/called up capital (i.e. how many shares have been issued since the company was incorporated)

Are you trying to complete micro-entity accounts version of CT600 return?

Many thanks
Customer: replied 2 years ago.

1) Incorporated on 19th March2014 started trading on the 1st April 14
2) No idea where the 26th comes from

3) issued capital £100 (100 Ordinary shares @ £1 per share
4) Yes, should i be using the abbreviated accounts?

Expert:  taxadvisor.uk replied 2 years ago.

Jamie, thank you for your reply.

Here is some practical advice from a practising accountant who does this sort of work on daily basis...

Your accounting perid end is 31 Mar and the first set of accounts due at Companies House are for the period to 31 Mar 2015. You have not traded for the period 18/19 Mar 2014 to 31 Mar 2014 and started to trade on 1 Apr 2014.

Your first set of accounts should be for the period 01 Apr 2014 to 31 Mar 2015 (12 month period) and your CT600 return should state that.

If this date is not shown in the menu (accounting period dates) then you can make changes and select this date.

You should write to HMRC (Your tax Office) and advise that the company was dormant for the period 18/19 Mar 2014 to 31 Mar 2014. You will not have to file a CT600 return for this period.

I will happily review your figures once you provide the accounts to cover period 1 Apr 2014 to 31 Mar 2015.

If I were you, I will opt for abbreviated accounts version.

Provision for tax - line AC34 £4,943

profit before capital allowance

46,867-(19000+150) = 27,117

cost of tangible assets (claim 100% AIA) say it is £2,400

Profit after capital allowance

(27,117-2,400) = 24,717

CT provision 24,717 x 20% £4,943

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
Expert:  taxadvisor.uk replied 2 years ago.

please read amended note on CT provision

46,867-(19000+150) = 27,717

cost of tangible assets (claim 100% AIA) say it is £2,400

Profit after capital allowance

(27,717-2,400) = 25,317

CT provision 25,317 x 20% £5,063

Expert:  taxadvisor.uk replied 2 years ago.

Hello

I notice you have viewed my last response to your question about filing CT600 return (ACUSTOMER-p7gpxh5t- Last Viewed on 24/04/2015 at 19:24).

Just checking to see if you have any issues relating to your question that I may not have addressed.


Please let me know if I can be of further assistance.

Customer: replied 2 years ago.

Thanks for the info/advice, Cleared a few things up

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

Best wishes.