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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4811
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I'm struggling to complete my CT600. Can you help please?

Resolved Question:

Hi,
I'm struggling to complete my CT600. Can you help please?
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.

Hello, I am Keith, one of the experts on Just Answer, and happy to help you with your question.

I can try! Firstly remember that the on line CT600 in two parts, a Balance Sheert (BS) and a Profit and Loss (P&L) Account although it does not appear as such on a first look. My initial advice is to take the company accounts you are trying to file and make sure that are both arithmetically correct and that those entries common to both the P&L and the BS correspond. I know from bitter experience that this may not be necessarliy true in your manual figures. Check your data with a calculator.

The on line return is simply infuriating to input as some fields can be left blank, some require a zero and some have to be fudged with say, a penny, to make them work at all. There appears to be no rhyme or reason behind the site's construction.

One good feature, however, is the option to automatically extract a set abbreviated accounts for filing at Companies House. I always use that option, saves a lot of palaver doing it separately.

I do hope that I have shed some light on your position. In the old paper days a return took five minutes to complete; now you are lucky to get away with under half an hour!

Customer: replied 1 year ago.

Description Box This year Box Last year
of account No. Amount No. Amount
PROFIT AND LOSS
PROFIT OR (LOSS) BEFORE TAX AC32 12,250 AC33 10,851
TAX AC34 2,450 AC35 2,170
PROFIT OR (LOSS) FOR THE YEAR AC36 9,800 AC37 8,681
DIVIDENDS FOR THE PERIOD AC38 0 AC39 0
TRANSFERRED TO RESERVES AC40 9,800 AC41 8,681

BALANCE SHEET
INTANGIBLE ASSETS AC42 0 AC43 0
TANGIBLE ASSETS AC44 1,519 AC45 1,688
TOTAL FIXED ASSETS AC48 1,519 AC49 1,688

STOCKS AC50 0 AC51 0
DEBTORS AC52 AC53 0
CASH AT BANK AND IN HAND AC54 13,850 AC55 14,947
TOTAL CURRENT ASSETS AC56 13,850 AC57 14,947
CREDITORS DUE WITHIN ONE YEAR AC58 2,550 AC59 2,945
NET CURRENT ASSETS AC60 11,300 AC61 12,002
TOTAL ASSETS LESS CURRENT LIABILITIES AC62 12,819 AC63 13,690
CREDITORS DUE AFTER MORE THAN ONE YEAR AC64 0 AC65 0
PROVISION FOR LIABILITIES AC66 0 AC67 0
TOTAL NET ASSETS AC68 12,819 AC69 13,690

CAPITAL AND RESERVES
CALLED UP SHARE CAPITAL AC70 2 AC71 2
REVALUATION RESERVE AC76 0 AC77 0
PROFIT AND LOSS ACCCOUNT AC74 9,800 AC75 8,681
TOTAL SHAREHOLDERS FUNDS AC80 9,802 AC81 8,683

Getting error message:

X ERROR:The balance sheet does not tally. Shareholders funds must equal the total net
assets (liabilities). Please check your figures and correct your entries as necessary.

With the above figures... Can you help please?

Expert:  bigduckontax replied 1 year ago.
Unfortunately I am not operating from my home base and will opt out. No doubt one of my colleagues will be able to assist.
Expert:  taxadvisor.uk replied 1 year ago.
Hello and welcome to the site. Thank you for your question.

I will review your accounts and revert to you.

Many thanks
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your patience.

I have had a quick look at your accounts and there are gaps. Please clarify for me

What was retained propfit and loss at the end of year prior to last year.
If this year is 2014, I am referring to year 2012.

Also, you state you made a profit of 9,800 after tax. Yet your total net assets on line AC68/AC69 show a reduction compared to last year.

Did you take any money out of the business, e.g. dividends?

I await further news.

Many thanks
Customer: replied 1 year ago.

Hi,

Sorry for the late response, my question was locked last night.



  1. Retained profit and loss for 2012 was: 5,006

  2. Yes i made a profit of 9800 after tax, but not sure where to declare the Profit / Loss brought forward for both 2012 and 2013


please let me know if you need more details

I look forward to hearing from you soon.

Thanks

Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your reply.

If we input profit at end 2012 as 5,006, there is a difference of 1 between total net assets and total shareholders funds in last years accounts. I have overcome this by increasing creditors in AC59 by 1 from 2,945 to 2,946.
Now both AC69 and AC81 read 13,689.

We have a difference on this years balance sheet as shown here
AC68 should equal AC80 but there is a difference of 10,670.

I come back to my question in earlier posting
"Also, you state you made a profit of 9,800 after tax. Yet your total net assets on line AC68/AC69 show a reduction compared to last year. Did you take any money out of the business, e.g. dividends?"

If you have made an additional profit of 9,800 after tax and it has gone into retained earnings, then it should result in an increase in net worth and not reduction.
You are showing little difference in creditors and a reduction in cash balances. where did the profit go?

Please explain. I am happy to offer you additional service to look deeper into your accounts. Please let me know if it is acceptable and I will send you an offer.
PROFIT AND LOSS Box No. This year Box No. Last year
profit or (loss) for the financial year AC36 9,800 AC37 8,681
dividends for the period AC38 0 AC39 0
net balance for the financial period transferred to reserves AC40 9,800 AC41 8,681
BALANCE SHEET Box No. This year Box No. Last year
intangible assets AC42 0 AC43 0
tangible assets AC44 1,519 AC45 1,688
TOTAL FIXED ASSETS AC48 1,519 AC49 1,688
cash at bank and in hand AC54 13,850 AC55 14,947
TOTAL CURRENT ASSETS AC56 13,850 AC57 14,947
creditors due within one year AC58 2,550 AC59 2,946
NET CURRENT ASSETS AC60 11,300 AC61 12,001
TOTAL ASSETS LESS CURRENT LIABILITIES AC62 12,819 AC63 13,689
TOTAL NET ASSETS AC68 12,819 AC69 13,689
CAPITAL AND RESERVES Box No. This year Box No. Last year
called up share capital AC70 2 AC71 2
profit and loss account AC74 23,487 AC75 13,687
TOTAL SHAREHOLDERS FUNDS AC80 23,489 AC81 13,689
Difference xxxx -10,670 xxxx 0
STATUTORY ACCOUNTS NOTES Box No. This year Box No. Last year
profit and loss - opening balance AC184 13,687 AC215 5,006
profit for the period AC185 9,800 AC216 8,681
equity dividends paid AC186 0 AC217 0
retained profit AC187 23,487 AC218 13,687


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.

Customer: replied 1 year ago.

Thanks for you prompt response.

"Also, you state you made a profit of 9,800 after tax. Yet your total net assets on line AC68/AC69 show a reduction compared to last year. Did you take any money out of the business, e.g. dividends?"

Sorry i forgot to mention, i took money out of the business... But will be available later this this week. Should i add it to cash in hand?

Thanks

Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your reply.

I had asked you in an earlier posting about cash withdrawn.

I think you should treat it as dividends and then if you need to put money back into the company, call it loan to the company.

I hope this is helpful.
taxadvisor.uk, Chartered Certified Accountant
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Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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