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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'm new here and was wondering if anyone can help me, I'm

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Hi I'm new here and was wondering if anyone can help me, I'm filling my first accounts to companies house and HMRC.
But every time I put the figures in , it say "Shareholders funds must equal Total net assets"
Figures are:
Total sales 30,965.66
Total expenditure 21500.21
Tangible assist 1272.17
C.I.S already paid 2821.80
Total profit before tax 9465.45
Less CORP TAX 1893.09
net profit 7572.36.
I have not taken any wage or dividends this year as I wanted to reinvest the profit back into the company to grow this year.
I'm not sure what is going on can somebody please help me as to where I've gone wrong .
Submitted: 1 year ago.
Category: Tax
Customer: replied 1 year ago.
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Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your question.I take it you are trying to complete your first set of accounts.In order to prepare your balance sheet, I need information as follows: The value of tangible assets if any .. you have mentioned a value of £1,272.17 – what does this expenditure relate to? Were there any debtors at year end?Were there any creditors at year end?What was the bank balance at year end?What is the issued share capital? I await to hear from you. Many thanks
Customer: replied 1 year ago.
Tangible asset= tools
0 debtors
0 creditors
7572.36 balance
Customer: replied 1 year ago.
Sorry the shares are 50 - 50 but none issued this term
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your reply.Leave it with me and I will send you draft accounts in the morning for your consideration. Many thanks
Customer: replied 1 year ago.
HiI was just wondering if you have managed to do the balance sheet yet.Thanks
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your message.Attached are draft accounts for your perusal and consideration...If you use micro-entity accounts version then called up share capital not paid is input in box AC460 on the balance sheet before fixed assets.I have used cash as the balancing figure to make your balance sheet agree.Please come back for clarification or other help.
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Expert:  taxadvisor.uk replied 1 year ago.
I have charged expenditure for tools etc to profit and loss account on the grounds that no individual item of tools would have cost more than &pound;750 each.. it is easier to expense it in the year it is incurred.If you wish to treat it as fixed assets then delete AC425/AC20 and show this item in box AC44. Also, reduce cash at bank by same amount. Many thanks
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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