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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5028
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I have to fill Ct600 company. This is the 1st

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Hello, I have to fill Ct600 for my company. This is the 1st year and I do know exactly how to fill in the section Capital Allowance and balancing charges. We have the following situation: SALES: £35,000.00 ADMINISTRATIVE EXPENSES: Legal and professional:
£100.00 Rent: £500 Total: £600 (paid cash by the directors) Depreciation: £12,300.00 TOTAL: £12,900.00 I bought 2 trucks: £49,200.00 (paid cash by the director) Sales: £15,000.00 paid in to the personal bank account, because the business account was not opened
at that time, so I was thinking to reduce the creditors by £15,000.00 £20,000.00 paid in to the business account. Creditors: £600 (adm exp) + £34,200.00 ( £49,000.00 paid for the trucks - £15,000.00 received in to the personal bank account) + £755.00 (refund
from parts received in to the business account, but again paid cash by the directors). In my opinion I will have the following situation: PROFIT AND LOSS: Sales: £35,000.000 Administrative expenses: £12,900.00 Profit: £22,100.00 BALANCE SHEET: Tangible assets:
£36,900.00 ( £49,200.00 value of truck less £12,300.00 depreciation 25%) Cash at bank: £20,875.00 ( £20,000.00 sales + £775 refund + £100 shares) Creditors: £35,575.00 ( £600.00 adm exp + £34,200.00 trucks + £775.00 refund) Total net assets: £22,200.00
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.
Thank you for your question...Please advise what help is needed.. are your figures not balancing?Many thanks
Customer: replied 2 years ago.
Hi,I need help in completing the Capital Allowance and balancing charges.
Some one told me that I have to pay no tax because of the investment I`ve done buying the two trucks.
Waiting for your reply.
Thank you
Expert:  taxadvisor.uk replied 2 years ago.
Thank you for your reply.You can claim annual investment allowance of 100% on expenditure on Trucks. They fall in the category of plant and machinery for capital allowances purposes.More information on this can be found herehttps://www.gov.uk/capital-allowances/business-carsWhen completing CT600 Return under Computations (capital allowances/balancing charge) put your entries as per attached file. 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 2 years ago.
I`m sorry, but I`m still confused.
As I asked I need help for completing in Ct600. I did not asked how much I can claim.
Please can you indicate the boxes where should I put the amount paid for the trucks?
Thank youThank you
Expert:  taxadvisor.uk replied 2 years ago.
Thank you for your reply.On page 2 of my attached file there are all the boxes I have completed for your ease.The page heading is Capital allowances/balancing chargesCP80 = 49,200CP81 = self completedCP83 = 49,200CP88 = 49,200CP186 = self completedCP92 = self completed I hope this is helpful.
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