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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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CT600 anomolies

Customer Question

CT600 anomolies
Submitted: 10 months ago.
Category: Tax
Expert:  taxadvisor.uk replied 10 months ago.
Thank you for your question.Please expand on the anomolies. Many thanks
Customer: replied 10 months ago.
I have loaned my company a total of £711,612 (£25,000 2 years ago and £686,612 last year) and cannot balance the CT600 as I used to. The problem is on the balance sheet where the total of Capital and reserves AC80, does not equal the total net assets. I used the same logic as last year's CT600 where the 25,000 was entered into AC45, AC53 and AC65 and all was fine. This year I entered the 711,612 in the same fields with the new figures and it does not tally. Not sure where I am going wrong.
Expert:  taxadvisor.uk replied 10 months ago.
Thank you for your reply and for additional informationI am not clear why you have usedAC45 - tangible assets,AC53 - debtors andAC65 - creditors due after more than one year.The sums have been advanced to the company and would have appeared in AC54 (cash at bank and in hand) at some point and then final destination subsequently.These sums are still owed to you and I presume they are part of creditors due after more than one year.You should be showing £711,612 as creditors due after more than one year in AC64 and £25,000 in AC65.I will happily review your balance sheet for you if you send me an image.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. You should
Customer: replied 10 months ago.
I have used AC45 because the company has bought 2 properties and is receiving incomes from them. One was for 25,000 and the second was for 657,000. The company also borrowed from me 26,280 for stamp duty and 3,332 for costs making a total of 686,612. Add that to 25,000 and it makes a grand total of Tangible assets of 711,612 and the debtors (owed to me of the same figure.)
See attached 3 jpegs..
Many thanks
Expert:  taxadvisor.uk replied 10 months ago.
Thank you for your reply.You are a creditor as the company owes you the sum £711,612.You should move the figure from debtors to creditors . You may have to input with -sign as -711612.I hope this is helpful and answers your question.
Expert:  taxadvisor.uk replied 10 months ago.
It looks like you have to input it as creditors due after more than one year as positive amount.Just remove entries from debtors.
Customer: replied 10 months ago.
When you say move it from the debtors (AC52) to the creditors, where is the creditors field ? AC??
Expert:  taxadvisor.uk replied 10 months ago.
delete from AC52 - it should be nilAC64 should show 711612I hope this is helpful
Customer: replied 10 months ago.
Tried it. Still same problem
Expert:  taxadvisor.uk replied 10 months ago.
There should be no entry in AC52 and AC53Total current assets would be the same as cash at bank and in handIf you are struggling, I will send you figures
Customer: replied 10 months ago.
Still the same problems. See the 4 attached.
Expert:  taxadvisor.uk replied 10 months ago.
Thank you for your reply..You seem to have double counted 25,000 in one of the boxes . see attached balance sheet for difference.It is your profit and loss line I think that needs adjustment if you did not make a profit of £45,994 in the last year.I hope this is helpful
Customer: replied 10 months ago.
2 questions.
1. When you say it is the profit and loss line, you mean there is an error in the profit and loss section ?
2. The 45,994 is not the profit for last year, rather the reserves carried forward. The actual net profit minus tax and divs paid out.
Expert:  taxadvisor.uk replied 10 months ago.
If you are happy or satisfied that cash and creditors are accurately stated then the error is in profit and loss account..What was filed last year and the year before . please let me have an image of it.
Customer: replied 10 months ago.
you want an image of the PnL for the last 2 years ?
Customer: replied 10 months ago.
or the bal sheet for the last 2 years?
or both ?
Expert:  taxadvisor.uk replied 10 months ago.
both ..
Customer: replied 10 months ago.
ok standby. The old CT600 take ages to load.
Expert:  taxadvisor.uk replied 10 months ago.
what is your company name.. i could view what was filed at Companies house
Customer: replied 10 months ago.
ShafJ Ltd.
In the meantime I will get them
Expert:  taxadvisor.uk replied 10 months ago.
In 2015- you showed trade debtors as £25,000 .. what is it?- you also showed £25,000 as creditors amount due after one year - i presume this is the loan from you.
Customer: replied 10 months ago.
Here are the snippets.
The debtors were the same as I tried this year - outstanding debt from the co. to me
yes for the second q.
Expert:  taxadvisor.uk replied 10 months ago.
This is where you have gone wrong.If the company owes you money then you are a creditor and not a debtor.
Customer: replied 10 months ago.
Hmm. Need to speak to my accountant.
So should where should I make the changes? For last year and this year ?
Expert:  taxadvisor.uk replied 10 months ago.
Thank you for your reply.. If the company has not repaid your loan, then it is a creditor..You should ask your accountant the rationale for reporting £25,000 as debtor and creditor.Are your bank balances correct?As you can see from my draft balance sheet the difference of £25,000 is there for both years 2016 and 2015.I can help you to review your trial balances for 2015 and 2016 as a premium service. Please let me know if it is acceptable.In the meantime, I hope my comments/observation have been helpful.I will appreciate if you would kindly rate my service/acceptthe service I have provided before you leave the site, to ensure I get credited for it by Just Answer.
Customer: replied 10 months ago.
What is your premium service cost ? The one that would allow me to review the trial balances for 2015 and 2016 as a one off review ?
Expert:  taxadvisor.uk replied 10 months ago.
Yes
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
Customer: replied 10 months ago.
sorry what is the cost ?
Customer: replied 10 months ago.
Expensive!
But needs sorting out.
Await your instructions
Customer: replied 10 months ago.
heloooo?
Expert:  taxadvisor.uk replied 10 months ago.
hello .. thanks for accepting this
Expert:  taxadvisor.uk replied 10 months ago.
Attached is a working document for your perusal Many thanks
Customer: replied 10 months ago.
Lets speak tomorrow Thurs 5th.
In the meantime I have looked at the figures and noticed where that 25k has gone. The company loaned another company called "BuyToLet Cars" the 25k. The loan is for 3 years with interest and it will be fully paid back after 3 years. Hence the debtors for 25k. My mistake. Sorry.
Once I remove this year's loan and leave the debtors as 25,000 , everything tallies. Now I need to insert the 686,612 into the CT600 in 3 parts. a) The Property buy price of 657,000 (Tangible asset ?), then b) 26,280 as the stamp duty and c) COsts of 3,332. The total is 686,612. Will these all be added to the Debtors as its all been borrowed from me ?
Customer: replied 10 months ago.
Good night
Expert:  taxadvisor.uk replied 10 months ago.
thanks for the update
Customer: replied 10 months ago.
Let me know when to call you.
Thanks
Customer: replied 10 months ago.
Hi,
Have tried calling you twice. Left a voice mail. Please call me as soon as you can so that we can complete and submit this tax return.
Thanks
Expert:  taxadvisor.uk replied 10 months ago.
Thank you
Customer: replied 10 months ago.
Many thanks for all your help. The tax return has been submitted.
Expert:  taxadvisor.uk replied 10 months ago.
good... I am pleased for you. Best wishes
Expert:  taxadvisor.uk replied 10 months ago.
Your reward of a generous bonus is greatly appreciated.

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