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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4972
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I am filling in my corporation tax return online

Resolved Question:

Hi I am filling in my corporation tax return online for small company and have made an error in entries for statutory accounts notes boxes ac215 - ac187 the figures are not balancing as they should
in entries ac40 I have 90 and ac 41 I have 60 ac 215 entries was initial input as 139 causing the error message
can you please advise on where this is wrong as I need to save online this evening.
many thanks Tanya
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Hello and welcome to the site. Thank you for your question.

Please advise if this is your first CT600 return. If not, please complete boxes as applicable and I will review your accounts and help you solve the problem

PROFIT AND LOSS Box No. This year Box No. Last year
PROFIT OR (LOSS) BEFORE TAX AC32 0 AC33 0
TAX AC34 0 AC35 0
PROFIT OR (LOSS) FOR THE YEAR AC36 0 AC37 0
DIVIDENDS FOR THE PERIOD AC38 0 AC39 0
TRANSFERRED TO RESERVES AC40 0 AC41 0
BALANCE SHEET Box No. This year Box No. Last year
INTANGIBLE ASSETS AC42 0 AC43 0
TANGIBLE ASSETS AC44 0 AC45 0
TOTAL FIXED ASSETS AC48 0 AC49 0
STOCKS AC50 0 AC51 0
DEBTORS AC52 0 AC53 0
CASH AT BANK AND IN HAND AC54 0 AC55 0
TOTAL CURRENT ASSETS AC56 0 AC57 0
CREDITORS DUE WITHIN ONE YEAR AC58 0 AC59 0
NET CURRENT ASSETS AC60 0 AC61 0
TOTAL ASSETS LESS CURRENT LIABILITIES AC62 0 AC63 0
CREDITORS DUE AFTER MORE THAN ONE YEAR AC64 AC65 0
PROVISION FOR LIABILITIES AC66 0 AC67 0
TOTAL NET ASSETS AC68 0 AC69 0
CAPITAL AND RESERVES
CALLED UP SHARE CAPITAL AC70 0 AC71 0
REVALUATION RESERVE AC76 0 AC77 0
PROFIT AND LOSS ACCCOUNT AC74 0 AC75 0
TOTAL SHAREHOLDERS FUNDS AC80 0 AC81 0
Difference xxxx 0 xxxx 0
this year this year last year last year
STATUTORY ACCOUNTS NOTES box amount box amount
profit and loss - opening balance AC184 0 AC215 0
profit for the period AC185 0 AC216 0
equity dividends paid AC186 0 AC217 0
retained profit AC187 0 AC218 0

Many thanks
Customer: replied 1 year ago.





























































































































































































































PROFIT AND LOSSBox No.This yearBox No.Last year
PROFIT OR (LOSS) BEFORE TAXAC32147AC3360
TAXAC3457AC350
PROFIT OR (LOSS) FOR THE YEARAC3690AC3760
DIVIDENDS FOR THE PERIODAC380AC390
TRANSFERRED TO RESERVESAC4090AC4160
BALANCE SHEETBox No.This yearBox No.Last year
INTANGIBLE ASSETSAC420AC430
TANGIBLE ASSETSAC441557AC451557
TOTAL FIXED ASSETSAC481557AC491557
STOCKSAC500AC510
DEBTORSAC5288AC53120
CASH AT BANK AND IN HANDAC5495AC55233
TOTAL CURRENT ASSETSAC56183AC57353
CREDITORS DUE WITHIN ONE YEARAC580AC590
NET CURRENT ASSETSAC60183AC6133
TOTAL ASSETS LESS CURRENT LIABILITIESAC621740AC631910
CREDITORS DUE AFTER MORE THAN ONE YEAR

AC64

1500



AC65

1500


PROVISION FOR LIABILITIESAC660AC670
TOTAL NET ASSETSAC68240AC69410
CAPITAL AND RESERVES
CALLED UP SHARE CAPITALAC70150AC71150
REVALUATION RESERVEAC760AC770
PROFIT AND LOSS ACCCOUNTAC7490AC75260
TOTAL SHAREHOLDERS FUNDSAC80240AC81410
Differencexxxx0xxxx0
this yearthis yearlast yearlast year
STATUTORY ACCOUNTS NOTESboxamountboxamount
profit and loss - opening balanceAC18460AC215133
profit for the periodAC18590AC21660
equity dividends paidAC1860AC2170
retained profitAC187283AC218193
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your reply.I will revert to you shortly.
Expert:  taxadvisor.uk replied 1 year ago.
Tanya, thank you for your patience

I have identified problem areas...

In your accounts for last year you have reported profit and loss account Box AC75=260.
Your profit for the year was Box AC41=60. This would imply that your profit and loss brought from from the prior year Box AC215=200 and you are showing 133. Please look into this and advise what is correct.

this has a knock on affect on entry in Box AC74. The figure in this box should be Box AC75+BoxAC40 (260+90)=350.
There is a difference of 260 between Total Net Assets Box AC64 and Shareholders' funds Box AC80.

This error could be for any reason , e.g understatement of debtors/cash at bank and in hand and or overstatement of creditors or a combination of both.

A solution is to increase current assets by 260 to balance the books and clear the error message. I understand you have a deadline of today to file the accounts.

here is a version that shows no error for your consideration.
PROFIT AND LOSS Box No. This year Box No. Last year
PROFIT OR (LOSS) BEFORE TAX AC32 147 AC33 60
TAX AC34 57 AC35 0
PROFIT OR (LOSS) FOR THE YEAR AC36 90 AC37 60
DIVIDENDS FOR THE PERIOD AC38 0 AC39 0
TRANSFERRED TO RESERVES AC40 90 AC41 60
BALANCE SHEET Box No. This year Box No. Last year
INTANGIBLE ASSETS AC42 0 AC43 0
TANGIBLE ASSETS AC44 1,557 AC45 1,557
TOTAL FIXED ASSETS AC48 1,557 AC49 1,557
STOCKS AC50 0 AC51 0
DEBTORS AC52 88 AC53 120
CASH AT BANK AND IN HAND AC54 355 AC55 233
TOTAL CURRENT ASSETS AC56 443 AC57 353
CREDITORS DUE WITHIN ONE YEAR AC58 0 AC59 0
NET CURRENT ASSETS AC60 443 AC61 353
TOTAL ASSETS LESS CURRENT LIABILITIES AC62 2,000 AC63 1,910
CREDITORS DUE AFTER MORE THAN ONE YEAR AC64 1,500 AC65 1,500
PROVISION FOR LIABILITIES AC66 0 AC67 0
TOTAL NET ASSETS AC68 500 AC69 410
CAPITAL AND RESERVES
CALLED UP SHARE CAPITAL AC70 150 AC71 150
REVALUATION RESERVE AC76 0 AC77 0
PROFIT AND LOSS ACCCOUNT AC74 350 AC75 260
TOTAL SHAREHOLDERS FUNDS AC80 500 AC81 410
Difference xxxx 0 xxxx 0
this year this year last year last year
STATUTORY ACCOUNTS NOTES box amount box amount
profit and loss - opening balance AC184 260 AC215 200
profit for the period AC185 90 AC216 60
equity dividends paid AC186 0 AC217 0
retained profit AC187 350 AC218 260

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.

Thank you so very much for your help and advice. you have really helped thank you

Expert:  taxadvisor.uk replied 1 year ago.
Tanya, thank you for your good words.

If you are happy and there are no more issues I will appreciate if you would kindly rate/accept the service I provided to ensure I get credited for it by Just Answer.

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.

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