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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4802
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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Very simple accounts balance issue. I am struggling to get

Customer Question

Very simple accounts balance issue.I am struggling to get my end of year ct600 form to balance for AC80 field for 2016 accounting period. I've attached last years accounts if that helps.I am getting the following error message:X ERROR:The balance sheet does not tally. Shareholders funds must equal the total net
assets (liabilities).Pleasecheck your figures and correct your entries as necessary.The entries for 2015 and 2016 are below:2016
AC42 £0.00
AC44 £0.00
AC48 £0.00
AC50 £0.00
AC52 £0.00
AC54 £1321
AC56 £1321
AC58 £0.00
AC60 £1321
AC62 £1321
AC64 £563
AC66 £0.00
AC68 £7582015
AC43 £0.00
AC45 £0.00
AC49 £0.00
AC51 £0.00
AC53 £0.00
AC55 £190
AC57 £190
AC59 £753
AC61 -£563
AC63 -£563
AC65 £563
AC67 £0.00
AC69 -£563Please note I took a £400 dividend last year and I want to make sure I correctly declare this.Thanks,
Mark
Submitted: 5 months ago.
Category: Tax
Expert:  taxadvisor.uk replied 5 months ago.

Thank you for your question..

There are gaps in figures you have provided...

Need to know

- what you input in boxes AC71, AC75

- was last year first year of reporting

- more about dividends taken last year amounting £400

- profit and loss figures input in boxes AC36 and AC37, AC38 and AC39, and AC40 and AC41.

- what does £563 represent in box AC64

Many thanks

Customer: replied 5 months ago.
Hi,Here's the details:- what you input in boxes AC71, AC75
Answer: AC71 £1.00 AC75 £563- was last year first year of reporting
Answer: No, last year was my second year of reporting.- more about dividends taken last year amounting £400
Answer: Last year was the first year I made a profit so I took out £400 as a dividend. I have put this in the AC38 field for dividends but last year was the first time I took a dividend so just wanted to make sure it's declared correctly in the form.- profit and loss figures input in boxes AC36 and AC37, AC38 and AC39, and AC40 and AC41.
Answer: AC36 £1,146.00, AC37 £190, AC38 £400, AC39 blank, AC40 £746, AC41 £190- what does £563 represent in box AC64
Answer: This is based on AC59 £753 - AC57 £190. Basically I made a loss in the first year of trading of £753 which I am carrying across to offset against my profits.Please let me know what corrections I need to make and why.Many thanks,
Mark
Expert:  taxadvisor.uk replied 5 months ago.

Thank you for your reply..

I have to be honest and say, I am unable to help you with the question unless I offer additional service as there is work involved and the current fee is not adequate.

I leave it to you whether you wish to take the offer of additional service. If you decide to, I will happily help you complet your accounts and explain what adjustments have been done and why.

my offer is here.

Many thanks

Customer: replied 5 months ago.
Ok, will your fee be declared on the form so it's tax deductible? I doubt there is anything to pay last year anyway.Thanks,
Mark
Expert:  taxadvisor.uk replied 5 months ago.

Mark, thanks for your reply. The fee you pay to JustAnswer to assist you with preparation of accounts is tax deductible.

Many thanks

taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4802
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 5 months ago.

Mark, thank you for accepting my offer.

Please provide me with you contact number and I will call you in the morning to progress with your accounts use "enter Contact Info" for your contact number.

Many thanks

Customer: replied 5 months ago.
Hi,I will be unable to take a call tomorrow as I work full time for a company in an office environment. I run this business in my spare time.I'm on annual leave on Friday this week so you could document your findings and we could discuss them over the phone on Friday?Thanks,
Mark
Expert:  taxadvisor.uk replied 5 months ago.

Mark, happy to talk with you tomorrow evening.

Itvwoul spped up matters..

Many thanks.

Expert:  taxadvisor.uk replied 5 months ago.

Apologies for typing errors.

Phone call will speed up matters.

Customer: replied 4 months ago.
Ok great. The format of the phone number field is not UK format so I can't put the last digit of my phone number in so please add number 8 to the end of the phone number listed.7:30pm tonight would be a good time if you're available then.Is there anything I need to have prepared for the call?Thanks,
Mark
Expert:  taxadvisor.uk replied 4 months ago.

I will try to send you information beforehand

Customer: replied 4 months ago.
Ok, the call at 7:30pm depends on how time consuming the information I need to provide is. It might be a case of working on the information you need tonight and doing the call tomorrow or later on tonight.
Expert:  taxadvisor.uk replied 4 months ago.

thank you for your reply

Expert:  taxadvisor.uk replied 4 months ago.

Mark, please advise name of your company. I will check and see what accounts were filed in previous years for comparison and audit trail.

Many thanks

Customer: replied 4 months ago.
Sure, it's Online Pet Solutions.
Expert:  taxadvisor.uk replied 4 months ago.

thanks

Expert:  taxadvisor.uk replied 4 months ago.

Mark, attached are accounts for year ended 29 feb 2016 for your perusal and consideration.

These are based on information provided by you.

Many thanks

Customer: replied 4 months ago.
Thanks, ***** ***** tell me the changes you made and why so I can understand it. Thanks, Mark
Expert:  taxadvisor.uk replied 4 months ago.

Mark, thanks for your reply.

I used your figures for 2015 from the accounts filed at Companies House.

I don't understand why you had input in 563 in AC64. I removed it and used AC58 as a balancing figure to make sure your balance sheet agreed. I assumed your figure in AC54 to be correct.

Many thanks

Customer: replied 4 months ago.
Thanks. How did you reach the £574 figure in AC58?Is the figure in AC54 the amount of money at the end of the account period? In my case 28th Feb 2016?
Expert:  taxadvisor.uk replied 4 months ago.

As I stated in earlier posting, I used box AC58 as a balancing figure to make your balance sheet agree.

This in theory is the amount owed to creditors by the company as at 28 Feb 2016.

In arriving at this figure, I had to make certain assumptions e.g

- the profit for the year as stated is correct

- the amount of cash in hand and at bank as stated is correct

- no monies were owed to the company at the year end i.e. no debtors.

I hope this is helpful.

Expert:  taxadvisor.uk replied 4 months ago.

I have just spotted an error in my formula and the revised figures are

The figure in box AC184 was reading zero. This has been corrected now.

My humble apologies.

Customer: replied 4 months ago.
Ok I was about to say I am getting an error on AC80. That is now working but now I'm getting an error on AC81. I'm getting £565 instead of £563 on your sheet.
Expert:  taxadvisor.uk replied 4 months ago.

Thank you for your reply

Share capital in AC71 is 1 (this is plus)

Profit and loss in AC75 is a loss of 564 (this is minus)

Shareholders' funds should be AC71+AC75 =563

Customer: replied 4 months ago.
Ok, I will try again tonight.
Expert:  taxadvisor.uk replied 4 months ago.

thank you

Customer: replied 4 months ago.
That has worked. One last thing. Are these accounting fees for just answer deductible off last years tax return or next years?Thanks,
Mark
Expert:  taxadvisor.uk replied 4 months ago.

I am pleased for you.. The fee is an allowable expense for tax purposes.

Best wishes.

Customer: replied 4 months ago.
Ok, so the fee for this tax advise can be put on the tax return for last years expenses?
Expert:  taxadvisor.uk replied 4 months ago.

Personally, I would put on the tax return for this year's expenses as the work is undertaken in this accounting period.

The amount is not significant.. If you put against last year then you have to accrue the fee i.e show the charge in profit and loss account and show a creditor in balance sheet(amount outstanding at year end)

Many thanks

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