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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4807
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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A reoccurring error on my Balance Sheet when filing my

Customer Question

A reoccurring error on my Balance Sheet when filing my accounts with HMRC's online system.
Assistant: Thank you. Can you provide any more details to help us find you the right Expert?
Customer: I am encountering the error message on the Balance Sheet 'There is a problem with your form. Total net assets must equal capital and reserves for current year. Total net assets must equal capital and reserves for previous year.' Everything I try to do does not clear this erro thank you
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 let me have pages of

- profit and loss account

- balance sheet

- statutory accounts notes - profit and loss account

I will review your figures and resolve the error.

Many thanks

Customer: replied 1 month ago.
OK one moment
Customer: replied 1 month ago.
Hi
Trying to send you an .xls and pdf now.
Expert:  taxadvisor.uk replied 1 month ago.

send pages of CT600 return where the error is shown

Customer: replied 1 month ago.
Sorry not sure how I do that, copy and paste what I'm seeing on gov.uk?
Expert:  taxadvisor.uk replied 1 month ago.

please copy and paste

Customer: replied 1 month ago.
I don't have a CT600 form filled out
Expert:  taxadvisor.uk replied 1 month ago.

You stated -

Customer: I am encountering the error message on the Balance Sheet 'There is a problem with your form. Total net assets must equal capital and reserves for current year. Total net assets must equal capital and reserves for previous year.' Everything I try to do does not clear this erro thank you ..

where are you getting the error

Customer: replied 1 month ago.
2015
£
2014
£
Fixed assetsHelp for 2015 Intangible assets
Box AC42
0
2014 Intangible assetsBox AC43
0
Help for 2015 Tangible assets
Box AC44
0
2014 Tangible assetsBox AC45
0
Help for 2015 Total fixed assets
Box AC48
0
2014 Total fixed assetsBox AC49
0
Current assetsHelp for 2015 Stocks
Box AC50
0
2014 StocksBox AC51
0
Help for 2015 Debtors
Box AC52
0
2014 DebtorsBox AC53
0
Help for 2015 Cash at bank and in hand
Box AC54
1186
2014 Cash at bank and in handBox AC55
125
Help for 2015 Total current assets
Box AC56
1186
2014 Total current assetsBox AC57
125
Help for 2015 Creditors - amounts falling due within one year
Box AC58
0
2014 Creditors - amounts falling due within one yearBox AC59
0
Help for 2015 Net current assets (liabilities)
Box AC60
1186
2014 Net current assets (liabilities)Box AC61
125
Help for 2015 Total assets less current liabilities
Box AC62
1186
2014 Total assets less current liabilitiesBox AC63
125
Help for 2015 Creditors - amounts falling due after more than one year
Box AC64
0
2014 Creditors - amounts falling due after more than one yearBox AC65
0
Help for 2015 Provision for liabilities
Box AC66
0
2014 Provision for liabilitiesBox AC67
0
Help for 2015 Total net assets (liabilities)
Box AC68
1186
2014 Total net assets (liabilities)Box AC69
125
Capital and reservesHelp for 2015 Called up share capital
Box AC70
1
2014 Called up share capitalBox AC71
1
Help for 2015 Revaluation reserve
Box AC76
1
2014 Revaluation reserveBox AC77
1
Help for 2015 Profit and loss account
Box AC74 ###-##-####Profit and loss accountBox AC75
124
Help for 2015 Total shareholders' funds
Box AC80 ###-##-####Total shareholders' fundsBox AC81
126
Customer: replied 1 month ago.
that's it copied and pasted
Expert:  taxadvisor.uk replied 1 month ago.

please copy and paste the page you are seeing from HMRC website

Customer: replied 1 month ago.
just did
Customer: replied 1 month ago.
Balance sheetThere is a problem with the form
Total net assets must equal capital and reserves for the current year.
Total net assets must equal capital and reserves for the previous year.
2015
£
2014
£
Fixed assetsHelp for 2015 Intangible assets
Box AC42
0
2014 Intangible assetsBox AC43
0
Help for 2015 Tangible assets
Box AC44
0
2014 Tangible assetsBox AC45
0
Help for 2015 Total fixed assets
Box AC48
0
2014 Total fixed assetsBox AC49
0
Current assetsHelp for 2015 Stocks
Box AC50
0
2014 StocksBox AC51
0
Help for 2015 Debtors
Box AC52
0
2014 DebtorsBox AC53
0
Help for 2015 Cash at bank and in hand
Box AC54
1186
2014 Cash at bank and in handBox AC55
125
Help for 2015 Total current assets
Box AC56
1186
2014 Total current assetsBox AC57
125
Help for 2015 Creditors - amounts falling due within one year
Box AC58
0
2014 Creditors - amounts falling due within one yearBox AC59
0
Help for 2015 Net current assets (liabilities)
Box AC60
1186
2014 Net current assets (liabilities)Box AC61
125
Help for 2015 Total assets less current liabilities
Box AC62
1186
2014 Total assets less current liabilitiesBox AC63
125
Help for 2015 Creditors - amounts falling due after more than one year
Box AC64
0
2014 Creditors - amounts falling due after more than one yearBox AC65
0
Help for 2015 Provision for liabilities
Box AC66
0
2014 Provision for liabilitiesBox AC67
0
Help for 2015 Total net assets (liabilities)
Box AC68
1186
2014 Total net assets (liabilities)Box AC69
125
Capital and reservesHelp for 2015 Called up share capital
Box AC70
1
2014 Called up share capitalBox AC71
1
Help for 2015 Revaluation reserve
Box AC76
1
2014 Revaluation reserveBox AC77
1
Help for 2015 Profit and loss account
Box AC74 ###-##-####Profit and loss accountBox AC75
124
Help for 2015 Total shareholders' funds
Box AC80 ###-##-####Total shareholders' fundsBox AC81
126
Save and continue
Balance sheet statements completed. Balance sheet statements completed. Edit
Customer: replied 1 month ago.
here it is again
Customer: replied 1 month ago.
As that's not very legible I've screenshotted the page and attached the files if that's easier.
Expert:  taxadvisor.uk replied 1 month ago.

Thank you for your reply and for the information.

There are a few question for clarification..

- why have you entered values in boxes AC76 and AC77

- what is the profit for the year

- surprised there are no creditors

You may wish to consider phone call to speed up exchanges..

many thanks

Customer: replied 1 month ago.
there shouldn't be anything in AC76 / Ac77, it keeps logging me out and when I go back in there is 1 in those boxes.profit for 2015 is £11,836.05there are no creditor as its just me working as a freelancer, I don't have any loans/credit attached to the business.
Customer: replied 1 month ago.
There is a problem with the form
The current period total must tally with the profit and loss account value in the balance sheet. Check your answer(s) and amend where necessary.
The previous period total must tally with the profit and loss account value in the balance sheet. Check your answer(s) and amend where necessary.Previous year profit and loss accountHelp for Opening balance
Box AC215
7401
Help for Profit or (loss) for period
Box AC216
31161
Help for Equity dividends paid
Box AC217
38438
Help for Retained profit at 31 Dec 2014
Box AC218
124
Current year profit and loss accountHelp for Reserves at 1 Jan 2015
Box AC184
124
Help for Profit or (loss) for period
Box AC185
24283
Help for Equity dividends paid
Box AC186
12571
Help for Retained profit at 31 Dec 2015
Box AC187
11836
Additional information (optional)
Customer: replied 1 month ago.
System just kicked me out again, throws me back into Profit and loss accounts page, and get this error.
Expert:  taxadvisor.uk replied 1 month ago.

You made profit in the year £11,836.05 yeat your net assets are £1,186. What happened to the rest of the profit.

Customer: replied 1 month ago.
No my net assets are £11,836As per the attached document
Expert:  taxadvisor.uk replied 1 month ago.

I feel a phone call would be helpful.

I am a qualified accountant and I am used to filing CT600 returns for clients

Please let me know and I will send an offer

Many thanks

Customer: replied 1 month ago.
I've just paid £36 I don't want to pay another £44 for a phone call to get this sorted.
Expert:  taxadvisor.uk replied 1 month ago.

Thank you for your reply.

You have to make two changes

- remove £1 from Boxes Ac76 and AC77.

On the page Accounts Notes, please make sure the box for Revaluation reserve is de-selected and there in no X in the checkbox.

- increase cash at bank and in hand by 1 to 11,837 and this will make boxes AC68 and AC80 equal £11,837.

Please come back after you have made changes and we will continue if the error is still there.

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.

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