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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4883
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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This is my first year submitting my company corporation

Customer Question

Hi, this is my first year submitting my company corporation tax return and I am stuck with what to enter in AC184 (The reserves at the start of the current financial year. This is pre-populated with the total retained profit at the end of the previous financial year (AC218). I have no idea what figure to enter, any figures I have inputted are giving me an error of (The current period total must tally with the profit and loss account value in the balance sheet. Check your answer(s) and amend where necessary.)
Thank you.
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.

Hello and welcome to the site.
Thank you for requesting I help you with your question.

Please complete boxes as appropriate and I will review your figures. We will get rid of the error message. This is your first year of reporting, therefore, there should be nothing in box AC218..

PROFIT AND LOSSBox No.This year
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
stocksAC500
debtorsAC520
cash at bank and in handAC540
TOTAL CURRENT ASSETSAC560
creditors due within one yearAC580
NET CURRENT ASSETSAC600
TOTAL ASSETS LESS CURRENT LIABILITIESAC620
creditors due after more than one yearAC640
provision for liabilitiesAC660
TOTAL NET ASSETSAC680
CAPITAL AND RESERVESBox No.This year
called up share capitalAC700
revaluation reserveAC760
profit and loss accountAC740
TOTAL SHAREHOLDERS FUNDSAC800
Differencexxxx0
STATUTORY ACCOUNTS NOTESBox No.This year
profit and loss - opening balanceAC1840
profit for the periodAC1850
equity dividends paidAC1860
retained profitAC1870


many thanks

Customer: replied 1 year ago.































































































































































Hi, please see requested info below. Thank you very very much.

PROFIT AND LOSS



Box No.



This year



profit or (loss) on ordinary activities before taxation



AC32



6365



tax on profit or loss on ordinary activities



AC34



1273



profit or (loss) for the financial year



AC36



5092



dividends for the period



AC38



3369



net balance for the financial period transferred to reserves



AC40



1723



BALANCE SHEET



Box No.



This year



intangible assets



AC42



1



tangible assets



AC44



0



TOTAL FIXED ASSETS



AC48



1



stocks



AC50



0



debtors



AC52



1



cash at bank and in hand



AC54



0



TOTAL CURRENT ASSETS



AC56



1



creditors due within one year



AC58



1



NET CURRENT ASSETS



AC60



0



TOTAL ASSETS LESS CURRENT LIABILITIES



AC62



1



creditors due after more than one year



AC64



0



provision for liabilities



AC66



0



TOTAL NET ASSETS



AC68



1



CAPITAL AND RESERVES



Box No.



This year



called up share capital



AC70



1



revaluation reserve



AC76



0



profit and loss account



AC74



0



TOTAL SHAREHOLDERS FUNDS



AC80



1



Difference



xxxx



0



STATUTORY ACCOUNTS NOTES



Box No.



This year



profit and loss - opening balance



AC184



This is where I am stuck I do not know what to enter here



profit for the period



AC185



5092



equity dividends paid



AC186



3369



retained profit



AC187



1723



many thanks

Expert:  taxadvisor.uk replied 1 year ago.
Katrina, thank you for your reply.

Some entries in the balance sheet do not make sense.
AC42=1
AC52=1
AC58=1

Did you not have any cash at bank or in hand at year end.. the company made a profit of 6,365 and you paid dividends of 3,369 out of it. CT is still payable and should be reflected as creditor.

I am happy to offer additional service to help you finalise your accounts and file them at Companies House/HMRC.

Please let me know and if acceptable.

Many thanks
Customer: replied 1 year ago.

Hi,

I know I am so confused AC42 should be £360 (Licenses for office packages) and AC52 should be £1000 AC58 should also be 1000 but when I entered these figures it would not let me proceed to the next stage and I did not know why, thus I entered 1 in a desperate bid to get past that stage as the assets are not much anyway and I am getting really frustrated with it.Could you please advise how best to proceed.

Expert:  taxadvisor.uk replied 1 year ago.
Katrina, thank you for your reply.

I am sending you an offer for your consideration.

Many thanks
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4883
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.
Thank you for accepting my offer.I have provided my contact details.
Customer: replied 1 year ago.

Hi, I have checked the bank and the balance is £1,711.86. I am receiving voicemail when calling you, I will await to hear from you further.

Expert:  taxadvisor.uk replied 1 year ago.
Thank you for the information.I have discussed all entries with you and there should be no error message.Best wishes.

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