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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 7069
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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I'm trying to submit my own accounts to companies house & HMRC,

Customer Question

I'm trying to submit my own accounts to companies house & HMRC, but have this message: Total net assets must equal the capital and reserves for the current year. I'm really at sea
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Hello and welcome to the site. Thank you for your question.
I will bring you back to land... please clarify for me
- is this your first year of reporting?
Please complete boxes as appropriate and I will review your figures for you. We will get rid of the error message.
PROFIT AND LOSS Box No. This year Box No. Last year
profit or (loss) on ordinary activities before taxation AC32 AC33
tax on profit or loss on ordinary activities AC34 AC35
profit or (loss) for the financial year AC36 AC37
dividends for the period AC38 AC39
net balance for the financial period transferred to reserves AC40 AC41
BALANCE SHEET Box No. This year Box No. Last year
intangible assets AC42 AC43
tangible assets AC44 AC45
TOTAL FIXED ASSETS AC48 AC49
Stocks AC50 AC51
Debtors AC52 AC53
cash at bank and in hand AC54 AC55
TOTAL CURRENT ASSETS AC56 AC57
creditors due within one year AC58 AC59
NET CURRENT ASSETS AC60 AC61
TOTAL ASSETS LESS CURRENT LIABILITIES AC62 AC63
creditors due after more than one year AC64 AC65
provision for liabilities AC66 AC67
TOTAL NET ASSETS AC68 AC69
CAPITAL AND RESERVES Box No. This year Box No. Last year
called up share capital AC70 AC71
revaluation reserve AC76 AC77
profit and loss account AC74 AC75
TOTAL SHAREHOLDERS FUNDS AC80 AC810
STATUTORY ACCOUNTS NOTES Box No. This year Box No. Last year
profit and loss - opening balance AC184 AC215
profit for the period AC185 AC216
equity dividends paid AC186 AC217
retained profit AC187 AC218
Many thanks
Customer: replied 1 year ago.
yes it is my first time for corporation tax and i wil never, ever, ever do it on my own again. They were due on 10/10/15 and I am already going to be fined; this was going to be only £150 ( a lot for me) if I submitted by today but yesterday I was away for my dayjob and my daughter was unable to get through this - now I'm also unable to.Here's the answers:
AC32 AC33 i was not incorporated and filed an 8.000 loss
AC34 AC35 0.00
AC36 AC37 -430.44
AC 38 AC39 0.00
AC40 AC41 0.00
What odes this mean please? BALANCE SHEET Box No. This year Box No. Last year
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your reply.
I am happy and willing to help you file your abbreviated accounts at Companies House later this evening to avoid further fines for late filing. The information you have given is too little.
You may wish to accept additional service to enable proper understanding and clarity before filing. Please let me know and I will send you an offer.
Many thanks
Customer: replied 1 year ago.
I meant, what DOES this mean , sorry.
'This year box no. last year box no.'
AC42 AC43 00.00
AC44 AC45 38.00
AC48 AC49 38.00
AC50 AC51 1,800
Customer: replied 1 year ago.
Think I've just got that these numbers should equate to a box for this year and a box for last year. All these figures are for this year 2014-2015.
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your reply.As it is your first year of reporting, you need not worry about last year figures Many thanks
Expert:  taxadvisor.uk replied 1 year ago.
I will be away from my desk 5:00pm to 9:00pm and will respond to follow up questions.Many thanks
Customer: replied 1 year ago.
Debtors AC52 AC53 0.00
cash at bank and in hand AC54 AC55 518
TOTAL CURRENT ASSETS AC56 AC57 2318
creditors due within one year AC58 AC59 1962
NET CURRENT ASSETS AC60 AC61 356
TOTAL ASSETS LESS CURRENT LIABILITIES AC62 AC63 395
creditors due after more than one year AC64 AC65 3956
provision for liabilities AC66 AC67 0.00
TOTAL NET ASSETS AC68 AC69 -3561I'm really really hoping you can help me, am in utter despair!
ThankyouCAPITAL AND RESERVES Box No. This year Box No. Last year
called up share capital AC70 AC71 1
revaluation reserve AC76 AC77 ???? 0??
profit and loss account AC74 AC75 -430
TOTAL SHAREHOLDERS FUNDS AC80 AC810 I don't understand what I need to put here
Customer: replied 1 year ago.
STATUTORY ACCOUNTS NOTES Box No. This year Box No. Last year
profit and loss - opening balance AC184 AC215 -18.50
profit for the period AC185 AC216 -430
equity dividends paid AC186 AC217 0.00
retained profit AC187 AC218 0.00Many thanks
Customer: replied 1 year ago.
Dear Tax professional, ( do you ever share a name?)
thankyou, I woud appreciate this service very much. I have been submitting the information in chunks.
I think it is all here now except or a couple of questions that I didn't understand. Reserves - i don't have any
Shareholder's funds (?) It's just a nominal share that I did when I ill-advisedly incorporated the business.
Customer: replied 1 year ago.
Yours sincerely,
Miranda Olding
Customer: replied 1 year ago.
Dear taxadvisor, I'm going to have to crash out now as I was up til early hours struggling with this. Await your message and will see it in the morning. Here's hoping. Thanks, Miranda
Expert:  taxadvisor.uk replied 1 year ago.
Miranda, thank you for your reply.
I am now back at base.
Many thanks
Customer: replied 1 year ago.
Hopefully you have the info necessary there to inform me what I should do.
Expert:  taxadvisor.uk replied 1 year ago.
Miranda, thank you for your reply..You have sent me some information... but we have a difference.Basically, in a balance sheet Total net assets (AC68) must equal Shareholders' funds (AC80)You have statedAC68=-3,561AC80 = (-430+1) -429so we have a difference of 3,132Some of the figures you have provided do not make sense.I am a qualified accountant and I have helped many customers with filing CT600 return on this site. I am happy to help you and can offer additional service to explain to you how you prepare accounts ants and also help you complete your return. I am sending you my offer for your consideration. Many thanks
Expert:  taxadvisor.uk replied 1 year ago.
Miranda, the figures you gave me as follows do not add up as there are entries missing
Debtors AC52 0
cash at bank and in hand AC54 518
TOTAL CURRENT ASSETS AC56 2318
creditors due within one year AC58 AC59 1962
NET CURRENT ASSETS AC60 356
TOTAL ASSETS LESS CURRENT LIABILITIES AC62 395
creditors due after more than one year AC64 3956
provision for liabilities AC66 0
TOTAL NET ASSETS AC68 -3561
The difference between AC60 and AC62 is (395-356)39.
Please advise correct figures.

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