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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4931
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I need help with Annual Report review, just to confirm that

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I need help with Annual Report review, just to confirm that everything looks right. I am ready to pay extra fee. Unfortunately my first full question is still unanswered since yesterday...
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your question..I am happy to help you and send my offer for additional fee.Please let me know if this is acceptable.. many thanks
Customer: replied 1 year ago.
Good day,Nice to hear from you. Let me know how much extra it would cost. Here is my original question.We are a small telecom company, registered in UK but with most of business outside of EU and UK. We don't have UK bank account and VAT number. We are preparing our first account and need some help with review.We are reselling telecom and IT services, all equipment is rented or outsourced so we don't have any Fixed assets. Here is our figures.Profit and loss
Turnover AC12 1,707,511
Cost of sales AC14 1,673,351
Gross profit (loss) AC16 34,160
Distribution costs AC18 29,450
Administrative expenses AC20 5,835
Other operating income AC22 0
Operating profit (loss) AC26 -1,125
Interest receivable and similar income AC28 0
Interest payable and similar charges AC30 0
Profit (loss) on ordinary … AC32 -1,125
Tax on profit or loss on ordinary activities AC34 0
Profit (loss) for the financial year AC36 -1,125
Balance sheet
Fixed assets
Intangible assets AC42 0
Tangible assets AC44 0
Total fixed assets AC48 0
Current assets
Stocks AC50 0
Debtors AC52 48,400
Cash at bank and in hand AC54 18,420
Total current assets AC56 66,820
Creditors - amounts falling due within one year AC58 67,944
Net current assets (liabilities) AC60 -1,124
Total assets less current liabilities AC62 -1,124
Creditors - amount… more than one year AC64 0
Provision for liabilities AC66 0
Total net assets (liabilities) AC68 -1,124
Capital and reserves
Called up share capital AC70 1
Revaluation reserve AC76 0
Profit and loss account AC74 -1,125
Total shareholders' funds AC80 -1,124
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your reply.I have sent you an offer for your consideration.. Many thanks
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4931
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
taxadvisor.uk and other Tax Specialists are ready to help you
Customer: replied 1 year ago.
I've accepted your offer. Please help me to review Annual Accounts and to fill it right to CH and HMRC. Looking forward for your reply.
Expert:  taxadvisor.uk replied 1 year ago.
I thank you for accepting my offerMay I suggest you complete the abbreviated accounts package for both CH and HMRC..are you going to file them separately or one filing using HMRC CT600 Return software?What is your deadline? Many thanks
Expert:  taxadvisor.uk replied 1 year ago.
what is covered in distribution costs?many thanks
Expert:  taxadvisor.uk replied 1 year ago.
what is your accounting reference date...do the accounts cover a period longer than 12 months?
Customer: replied 1 year ago.
I am using HMRC so called CATO new online system, and filling to both CH and HMRC.
The deadline is 14th February
When filling I see. Period of accounts: 14 May 2014 to 31 May 2015
* We had a dormant period (14 May - 31May), which was reported to HMRC by fax, however I don't see any difference in the system.Distribution costs includes: equipment (servers, switches etc) rent, billing system rent, collocation and internet connection charges
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your replyMay I suggest you- move the costs from distribution to admindownload CT600 return pdf version and use it.. you can still use this version to file both at CH and online filing of CT600 with HMRC..Select accounting period 01 Jun 2014 to 31 May 2015 and also select this is first set of accounts to be filed.
Customer: replied 1 year ago.
Thanks. I've moved costs to adminAccounting period
In the system I choose correct period, but it still shows 13 months to 31 May 2015 (Period of accounts: 14 May 2014 to 31 May 2015).You suggest not to use "tax.service.gov.uk/cato" system at all?
Should I use "Short Tax Return form CT600 (Short) (2008) Version 2"? Need to check how to file it...
Expert:  taxadvisor.uk replied 1 year ago.
Remember your CH return would be for the period 14 May 2014 to 31 May 2015Its CT600 return that would be for the period 1 Jun 2014 to 31 May 2015 as it can not be longer than 12 months..This is what I do for my clients.. I find it easier and simpler.File abbreviated accounts at CH using their website..File CT600return with HMRC using their software (download PDF file)I don't tick the box.. do you wish to use this service for filing at CH many thanks
Customer: replied 1 year ago.
Thanks for the advice.
I will file CH and HMRC separately, and will use HMRC PDF
I need some time to download and setup everything. I hope you don't mind if I will get back to you tomorrow with all details?
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your reply..Tomorrow will be fine...We will make it work for us..many thanks
Customer: replied 1 year ago.
Good day,
I am finishing with HMRC and CH accounts for final review and I have one question about Called up share capital. It is not paid in my case.The question is how to reflect unpaid shares in HMRC Accounts, form don't allow to put zero in AC70. CH form have Called up share capital not paid field. Should I reflect unpaid shares in Debtors?
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your question
It would be much easier if you call it called up share capital paid and show the figure in cash in hand
We are talking of £1..
I hope this is helpful.
Customer: replied 1 year ago.
Yeah, I noticed that.
I am asking because we've filled annual return (19.05.2015) with shares unpaid. However I can write it as paid on 20.05.2015 for example. We are talking about shares paid by cash, right?
Expert:  taxadvisor.uk replied 1 year ago.
Yes,, paid in cash
Customer: replied 1 year ago.
Thanks for your help. I will finalize my records and will attach excel file for your review and some questions tomorrow.
Expert:  taxadvisor.uk replied 1 year ago.
okay.. enjoy your evening
Customer: replied 1 year ago.
Good day,For some reason I can't attach file, button simply don't work. Any other ways to send you a file? Otherwise I have to paste all data here... Let me know.
Customer: replied 1 year ago.
To save some time I am attaching Excel file, the way it will be filled to CH and HMRC. I have few small questions before I move to CT600.1. Can I use “Creditors - amounts falling due after more than one year” or it’s better to use “amounts falling due within one year”. Will I have any difficulties filling other years reports or CT600? I prefer the simplest way and need your advice.2. Does the company need to report any gains and losses, other than
profit or loss for the year? - NO (is this correct?)3. Which should I choose, we have adopted the FRSSE or not adopted. I’ve chosen - Yes4. Accounts Notes, should we add any other notes except AC320? AC320 we’ve added following statment, is this fine? - The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008)5. Directors' Report - is it necessary to provide any information? Like Principal Activities etc.
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your reply..1) If your creditors are short term (normal trade creditors and tax provision) then you should use creditors amounts falling due within one year. You should not have difficulties filling other years reports or CT600.2) No need to report any gains or losses other than profit and loss for the year3) Your choice is correct - adopted FRSSE4) Note in AC320 is enough .. no need for others unless you have tangible fixed assets.5) You are required to state company's principal activities I have reviewed you spreadsheet.. go for creditors amounts due within one year option. many thanks
Customer: replied 1 year ago.
Good day,
Thanks for your reply. I will check your answer tomorrow morning.One short question, how much should be writen in AC5 field.
Nature of our business is: (SIC) 61900 - Other telecommunications activities.Is this enough? "The principal activity of the company in the period under review was: Other telecommunications activities." or simple mention "Other telecommunications activities"?Thanks in advance.
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your reply. simple mention - Other telecommunications activities many thanks
Customer: replied 1 year ago.
Good morningDo I need to make a note in Called up share capital? This is first year accounts and at the moment of registration one share was issued and fully paid in cash. If yes, can I make such statement "During the year 1 ordinary share of £1 each were issued, allotted and fully paid for cash at par."
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your reply.There is no need for any other note apart from the one for AC320.Many thanks
Customer: replied 1 year ago.
Once again thanks for your help. I've filled Annual Report to CH and now finishing CT600.
We've chosen to put all expenses to "Administrative expenses" in profit and loss, which are: equipment (servers, switches etc) rent, billing system rent, collocation and internet connection charges, bank charges etc.Where should I put those in case of General administrative expenses? I can split expenses between Bank and other financial charges CP27 and Administration and office expenses CP37, but I can't find description what it includes.
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your reply.Hire of equipment can be expensed in CP24Others can go in CP37Only finance charges go in CP27 Many thanks
Customer: replied 1 year ago.
Did I understand it right?
Finance charges - bank account maintenance charges, bank transfer charges etc?
Expert:  taxadvisor.uk replied 1 year ago.
Correct
Customer: replied 1 year ago.
Unfortunately it looks a bit much more complicated then I expected. Let me know if I have much more questions then expected…I am attaching excel with all CT600 and Computations fields and CT600 output in PSD, I tried to summarize everythign to save your time.Few questions
Does this return contain estimated figures?
What is this field for? Can I use to avoid any issues in case we’ve made a mistake in calculations or it’s or better to answer No.Bank details 149-153 - should I disclose any bank accounts? Especially if I have no UK bank accounts.Director's loans
We had a few small loans (under 5k) which were fully repaid during reporting period. Should it be reported somewhere, I mean the total amount except Director's loans CT600 section.Thank you in advance.
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your reply.. keep it simple..Provided you have not prepared the ccounts from estimaated figures then the answer is NO.You don't have to disclose bank accounts.. this information is needed if there is tax repayment.If there were no loans outstanding at reporting period end then they do not have to be reported separately. Many thanks
Expert:  taxadvisor.uk replied 1 year ago.
I think I have gone the extra mile for you.We should bring this matter to a close now please.
Customer: replied 1 year ago.
Thanks.As I wrote before, if you think that it takes more then planned let me know your conditions. I will need your help to review at least few such cases in the nearest future so I need to know estimate rate for your service and how often you're on this portal.At the moment I need to make sure that attached CT600 is filled correctly and I haven't made any obvious mistakes.Thanks in advance.
Customer: replied 1 year ago.
Thanks.As I wrote before, if you think that it takes more then planned let me know your conditions. I will need your help to review at least few such cases in the nearest future so I need to know estimate rate for your service and how often you're on this portal.At the moment I need to make sure that attached CT600 is filled correctly and I haven't made any obvious mistakes. I can send for review CT600 file, exactly as it filled if necessary.Thanks in advance.
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your reply.

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