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I have to submit a Micro-entity Balance Sheet to Companies

Customer Question

I have to submit a Micro-entity Balance Sheet to Companies House. can you advise how?
Submitted: 1 month ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 month ago.

Hello and welcome to JustAnswer. I am here to help you. I am reviewing your question and will respond to you shortly.

Expert:  taxadvisor.uk replied 1 month ago.

Thank you for your question..

Please advise if it is your first set of accounts you wish to file

What financial information is available .. are accounts in draft form etc

Many thanks

Customer: replied 1 month ago.
Thanks. This is my first set of accounts. I'm on the micro-entity balance sheet web page. My ltd. company is service based so very simple.
Customer: replied 1 month ago.
No assets, so I have put 0 in all the fields since my expenses were more than my earnings.
Is that OK?
Expert:  taxadvisor.uk replied 1 month ago.

Thank you for your prompt reply.

Do you think it would be better we have a phone chat as I will guide you as you go through the form

Customer: replied 1 month ago.
I prefer to type if that's ok
Expert:  taxadvisor.uk replied 1 month ago.

When filing accounts are Companies House ..whether micro-entity or abbreviated accounts, you only file the balance sheet

Customer: replied 1 month ago.
it's just that I have 0 in every field and I don't know if that is right. I earned £17077 and total expenses were £17449.
I can see where to put assets (or what I would call my earnings) but can't see where to put straight forward expenses.
Expert:  taxadvisor.uk replied 1 month ago.

what is your called up share capital.. share capital issued and paid for!

what is the loss for the year and how has it been funded?

is there a company bank account..if so, what was the balance at year end

assets are not earnings...

many thanks

Expert:  taxadvisor.uk replied 1 month ago.

earnings and expenses are profit and loss account items and do not appear in any of the boxes on the balance sheet

Customer: replied 1 month ago.
OK. I only understand income and expenses :(
called up share capital - when I started the ltd. company I gave myself as the only director 1 share valued at £1. Is that what this is?
I have a company bank account which all earnings go into. problem is that half my expenses were paid out of my personal account but I have recorded everything in my income and expenses excel file which shows an overall loss.
Expert:  taxadvisor.uk replied 1 month ago.

Thank you for your reply.

To speed up matters, I am happy to prepare your accounts in the format required to file at Companies House from your excel file.

I will also need the bank balance at year end.

This would be done as additional service and please let me know if this is acceptable.

Customer: replied 1 month ago.
What is the cost please?
Expert:  taxadvisor.uk replied 1 month ago.

Here is my offer

Customer: replied 1 month ago.
Thank you anyway. I would really just like to know - after having read all the explanations on companies house regarding the fields on the balance sheet - whether it makes sense that they are all 0 as none apply to my income and expenses? And therefore if all is 0, how will they work out if I must pay any tax?
Expert:  taxadvisor.uk replied 1 month ago.

Thank you fo ryour reply.

The accounts filed at Companies House for a requirement under Companies Act.

The accounts filed with the Tax Office are used to determine corporation tax due.

Its the propfit and loss account that shows profit fo rthe year on which tax is calculated and not the balance sheet.

You can't have zeros in all boxes on the balance sheet

Customer: replied 1 month ago.
Right. now I was told that I could file my accounts through companies house and not have to file with HMRC?
Customer: replied 1 month ago.
I also have to sort out my VAT which is at a reduced rate for the first year of operating. How much would you charge please to prepare the accounts based on my profit and loss spreadsheet plus for tax purposes and also prepare whatever needs doing for VAT please?
Expert:  taxadvisor.uk replied 1 month ago.

Who told you that..it's incorrect.

If you file your accounts using HMRC software, you can file accounts at both Companies House and HMRC. You don't have to input accounts section twice.

I hope this is helpful.

Would you like me to continue with helping you?

Expert:  taxadvisor.uk replied 1 month ago.

Here is my revised offer

I am a qualified accountant in practise.

Customer: replied 1 month ago.
Thanks. This will include looking at the VAT? Will you be submitting info to companies house and HMRC or will I using the information you prepare?
Expert:  taxadvisor.uk replied 1 month ago.

I will share information with you and you will file it.

Please make sure your records are clear and complete and that i don't have to do any book-keeping. I will review your records and prepare accounts from these records.

many thanks

Customer: replied 1 month ago.
Thanks. Please bear with me while I think it through.
Expert:  taxadvisor.uk replied 1 month ago.

no problem

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