How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask taxadvisor.uk Your Own Question

taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4939
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
54961312
Type Your Tax Question Here...
taxadvisor.uk is online now

I am trying to complete my first ct600 tax return and i keep getting an error on

Resolved Question:

Hello. I am trying to complete my first ct600 tax return and i keep getting an error on box ac80 but it doesnt balance and says, share holders liability must equal total net assets. From what i can see they do so i am confused.
Can you help?
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Please let me have figures from the balance sheet and I will review your accounts.Many thanks.
Customer: replied 1 year ago.

AC42 - 0

AC44 -0

AC48 -0

AC50 - 0

AC52 - 865.00

AC54 - 4526.00

AC56 - 5391.00

AC58 - 113.00

AC60 - 5278.00

AC62 - 5278.00

AC64 - 0

AC66 - 0

AC68 - 5278.00

AC70- 2.00

AC76 - 0

AC80 - 762.00 with an error.

Many thanks

Expert:  taxadvisor.uk replied 1 year ago.

Colin, thank you for your reply.

You say its your first CT600 return. I wish to know what profit/loss was made in the accounting year - Box AC32 to AC40

I note you have shown as called up share capital AC70 = 2. Confirm you have issued 2 shares. If not, how many shares have been issued and paid for (what did you report in your first annual return at Companies House).

Many thanks

Customer: replied 1 year ago.

Hello

AC32 - 952.00

AC34 - 190.00

AC36 - 762.00

AC38 - 0

AC40 - 762.00

the company has 2 shares, at £1 each, and this is my first annual return to companies house. When I set the company up it was with 2 £1 shares.

Many thanks

Expert:  taxadvisor.uk replied 1 year ago.
Colin, thank you for your reply and for additional information.

Something is not stacking up.. the company made a modest profit before tax of £952 in the first year yet you have a hugh amount in the bank account at the year end.

It would appear that monies introduced by you for start up is not properly reflected in the balance sheet. Furthermore, creditors due within one yearare stated as £113 whereas your CT provision alone is £190.

Assuming, debtors, cash at bank and in hand and called up share capital is correctly stated the the profit for the first year is £762, then your creditors should read in Box AC58 4,627. Thsi would make your balance sheet agree. Here is my version
Description of account box this year
PROFIT AND LOSS
PROFIT OR (LOSS) BEFORE TAX AC32 952
TAX AC34 190
PROFIT OR (LOSS) FOR THE YEAR AC36 762
DIVIDENDS FOR THE PERIOD AC38 0
TRANSFERRED TO RESERVES AC40 762
Description of account box this year
BALANCE SHEET
INTANGIBLE ASSETS AC42 0
TANGIBLE ASSETS AC44 0
TOTAL FIXED ASSETS AC48 0
STOCKS AC50 0
DEBTORS AC52 865
CASH AT BANK AND IN HAND AC54 4,526
TOTAL CURRENT ASSETS AC56 5,391
CREDITORS DUE WITHIN ONE YEAR AC58 4,627
NET CURRENT ASSETS AC60 764
TOTAL ASSETS LESS CURRENT LIABILITIES AC62 764
CREDITORS DUE AFTER MORE THAN ONE YEAR AC64 0
PROVISION FOR LIABILITIES AC66 0
TOTAL NET ASSETS AC68 764
CAPITAL AND RESERVES
CALLED UP SHARE CAPITAL AC70 2
REVALUATION RESERVE AC76 0
PROFIT AND LOSS ACCCOUNT AC74 762
TOTAL SHAREHOLDERS FUNDS AC80 764
Difference xxxx 0
PROFIT AND LOSS box this year
PROFIT OR (LOSS) FOR THE YEAR AC36 762
DIVIDENDS FOR THE PERIOD AC38 0
TRANSFERRED TO RESERVES AC40 762
STATUTORY ACCOUNTS NOTES box this year
profit and loss - opening balance ac184 0
profit for the period ac185 762
equity dividends paid ac186 0
retained profit ac187 762

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, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4939
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
taxadvisor.uk and other Tax Specialists are ready to help you
Expert:  taxadvisor.uk replied 1 year ago.
I thank you for accepting my answer.

Best wishes.

What Customers are Saying:

 
 
 
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
< Previous | Next >
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
 
 
 

Meet The Experts:

 
 
 
  • Sam

    Sam

    Accountant

    Satisfied Customers:

    7088
    26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
< Previous | Next >
  • http://ww2.justanswer.co.uk/uploads/TA/Tax Expert/2013-8-21_231010_sam.64x64.jpg Sam's Avatar

    Sam

    Accountant

    Satisfied Customers:

    7088
    26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
  • http://ww2.justanswer.co.uk/uploads/BI/bigduckontax/2013-8-12_222058_1.64x64.jpg bigduckontax's Avatar

    bigduckontax

    Accountant

    Satisfied Customers:

    2333
    FCCA FCMA CGMA ACIS
  • http://ww2.justanswer.co.uk/uploads/TA/TaxRobin/2013-8-28_16186_femalebusinessprofessionalbinderhand11038485.64x64.jpg TaxRobin's Avatar

    TaxRobin

    Tax Consultant

    Satisfied Customers:

    524
    International tax
  • /img/opt/shirt.png taxadvisor.uk's Avatar

    taxadvisor.uk

    Chartered Certified Accountant

    Satisfied Customers:

    2845
    FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
  • http://ww2.justanswer.co.uk/uploads/MS/MsAM/2012-6-9_16426_anna.64x64.jpeg Anna's Avatar

    Anna

    Teacher, writer, biologist

    Satisfied Customers:

    270
    Great research skills, variety of work experiences, teaching experience.
  • http://ww2.justanswer.co.uk/uploads/PD/pdheslin/2012-6-6_232056_pambig.64x64.jpg pdheslin's Avatar

    pdheslin

    Consultant

    Satisfied Customers:

    51
    20+ years of internet site creation and search engine optimization. Dozens of search tools at my disposal.
 
 
 

Related Tax Questions