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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4882
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I'm having issues balancing my year end accounts and CT return within HMRC's onl

Resolved Question:

I'm having issues balancing my year end accounts and CT return within HMRC's online service.
Specifically the P&L Account Section:
AC74 = AC218 + AC36 - AC38
My P&L is clashing with my Balance Sheet.
Submitted: 11 months ago.
Category: Tax
Expert:  taxadvisor.uk replied 11 months ago.
Thank you for your question.Please send me images of pages- profit and loss account- balance sheet- statutory accounts notes - profit and loss account Alternatively, please complete boxes as appropriate from attached document and send as an attachment.I will review your accounts and revert to you. Many thanks
Expert:  taxadvisor.uk replied 11 months ago.
document attached
Customer: replied 11 months ago.
Thanks for getting in touch so quickly.Please find attached images and the error on Stat Notes P&L Account.Nick
Customer: replied 11 months ago.
Actually I've made a few updates so I'm going to resend...
Customer: replied 11 months ago.
Revised figures attached.
Let me know if you need anything else.
Thanks
Nick
Customer: replied 11 months ago.
What's you name btw.
Nick
Customer: replied 11 months ago.
Assumptions I'm making:Revaluation reserve is the amount of depreciation subjected to tangible assets
Cash at hand is the amout of money available at the bank at the year end.
Expert:  taxadvisor.uk replied 11 months ago.
Nick, thank you for your reply and for additional information..I have some questions and notes for you -- I have moved depreciation to admin costs AC20 as this falls in p&l account- what is the value in AC50 and AC51 represent? you have input 1 - is this called up share capital and if so, should be added to cash in hand or deducted from director's account in creditors- was last year your first year of operation... if not, what was the figure in AC75 for 2013?- Please move the value in AC66 3,902 to Ac58 .. it appears to be provision for corporation tax- your balance sheet is out (difference between AC68 and AC80. I have assumed you have traded for longer than 2 years and that AC75 in 2013 was 537. Attached is my version of your accounts for your perusal. Please review and let me know if your creditors are right or need adjusting. Your net cash outgoings exceed the profit after tax and dividends. I think creditors are understated. 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 11 months ago.
- I have moved depreciation to admin costs AC20 as this falls in p&l account
I might need an explnation here. Not sure how depreciation of assets can be listed as an expense...- what is the value in AC50 and AC51 represent? you have input 1 - is this called up share capital and if so, should be added to cash in hand or deducted from director's account in creditors
Yes I;ve mixed this up with Share Capital- was last year your first year of operation... if not, what was the figure in AC75 for 2013?
No. These are my 3rd set of accounts.
AC75 = £1919- Please move the value in AC66 3,902 to Ac58 .. it appears to be provision for corporation tax
Done. It is. Corp tax should be declared as a Creditor falling within a year then?- your balance sheet is out (difference between AC68 and AC80. I have assumed you have traded for longer than 2 years and that AC75 in 2013 was 537.
YesAttached is my version of your accounts for your perusal. Please review and let me know if your creditors are right or need adjusting. Your net cash outgoings exceed the profit after tax and dividends. I think creditors are understated.
But what if these creditors don't exist! Not sure what to do next.
Expert:  taxadvisor.uk replied 11 months ago.
Thank you for your reply.I will revert to you later this evening. Many thanks
Expert:  taxadvisor.uk replied 11 months ago.
My response to points raised by you as attached. Many thanks
Customer: replied 11 months ago.
Thanks for this. Very useful.Are you around today for further consultation.Re: You have shown increase in
total fixed assets
cash at bank and in hand
reduction in creditors
making total assets less current liabilities increase by 11,139 (year on year)
but your retained earnings for the year AC40 are just 6,950How was the rest of increase in total net assets funded?The tangible assets are made up of equipment I've essentially sold to the business and I see that I've underestimated these yet overestimated my dividend so I'm ajusting all these values to balance again.So assets need to be creditted to balance sheet and debitted from P&L but where...how are assets reflected within the the P&L; as an admin expense or AIA?What's your name btw? My number is ***** 814684 if this is allowed!Nick
Expert:  taxadvisor.uk replied 11 months ago.
Nick, thank you for your reply.I am happy to assist you with adjustments and bringing your accounts to agree and can offer you this as premium service. Please let me know if this is acceptableI will at this point share my contact information. Many thanks
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4882
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 11 months ago.
Nick, thank you for accepting my offer.You can email me the information and use it for further communication for ease of speed and for privacy. many thanks
Customer: replied 11 months ago.
Great. What's your email address?
Customer: replied 11 months ago.
Would it be quicker if I gave you access to my account on Google Docs.
Nick
Expert:  taxadvisor.uk replied 11 months ago.
my contact details are in my contact information..resent here
Customer: replied 11 months ago.
Thye're being stripped out.Best you send me another document / pdf and embed them in there.Nick from Glide Digital
www.glidedigital.co.uk
Expert:  taxadvisor.uk replied 11 months ago.
thank you

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