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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 5066
Experience:  FCCA FCMA CGMA ACIS
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Hope you are well. Please see below my balance sheet. I need

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HiHope you are well.Please see below my balance sheet. I need your assistance in preparing Company return.Assets are £24714 (Called up Share capital not paid £100 + Bank Balance £160 + Equipments afetr Dep £ 10020 + Loss in company £14434)
Liabilities are £ 24714 (Normal creditors 24614 + Other creditors £100)I have not received my govt gateway activation code for corporation tax service so I can't submit. I requested it online last week. Company return deadline is 19th May (This friday), Kindly suggest what if I dont receive activation code by Friday

Kick up a fuss if you do not get an activation code. HMRC are notoriously slovenly in their response in this area.

Your balance sheet is:

Fixed assets 10020, Current assets Bank 150 Debtors 100 Creditors -24614 & 100.

P&L -14434 Share capital 100

You appear to be out of balance by 90, please recheck your figures.

Customer: replied 6 days ago.
I'll check balance sheet but what do you suggest wait or keep calling them? or can't do anything untill I get it?
Customer: replied 6 days ago.
what do you suggest wait or keep calling HMRC for activation code? or can't do anything untill I get it?
Customer: replied 6 days ago.
In any case, would you be able to submit the company's first return for me if I give you the figures
Customer: replied 6 days ago.
wow, lucky, I just received that activation code in post. Now, repeating above question again that if you would be able to submit the company's first return

No, you will have to do that. It is relatively simple, but ensure that the Balance Sheet actually balances and that where data is common to both the balance sheet and the Profit and Loss Account that the figures correspond.

Customer: replied 6 days ago.
In above Balancesheet you have the debtors figure incorrect. and share capital is not paid yet. Please check again and confirm

Accounting principles require:

Fixed assets Equipment

Current assets Cash and Debtors

If you insert these figures the accounts do not balance; please check.

less creditors

figure.

Balanced by:

P&L account and paid up share capital.

Customer: replied 6 days ago.
ok, as per this. SHARE CAPITAL NOT PAID 100+ FA £10020 + BANK 160 - CREDITORS 24714 = 14434
p&l ACCOUNT IS 14434.
Is that ok now?
Customer: replied 6 days ago.
I just checked our previous conversation week ago. This is what we agreed to while preparing company accounts.
If all ok, I have questions in company Return as I have activated the service and need to submit the return.

It will do. You have a week after receiving the activation code.

Customer: replied 6 days ago.
Ok, I am online now to submit return and have 3-4 questions

OK

Customer: replied 6 days ago.
Question 1. The Loans taken has some of the money received from Directors, Do I have to show this on return in any area?
Question 2. The questionnair in Compnay return is asking if I need to claim capital allowance?Please advice
Customer: replied 6 days ago.
FYI -there is only one director

Did you buy any equipment in the current year?

Customer: replied 6 days ago.
the equipments were only bought during 9/6/16 to 19/5/17
Customer: replied 6 days ago.
this is the period we are preparing company return for only

Then you can claim Annual Investment Allowance (AIA) for the assets acquired. This will be the full value of the purchases and will reduce your company's Corporation Tax (CT) exposure.

Customer: replied 6 days ago.
Do you want me to claim AIA even if the compnay made a loss as you see from above balancesheet we agreed
Customer: replied 6 days ago.
this will increase the loss for computation purpose.

You do not have to claim AIA unless it is in the company's interest so to do. Any unclaimed AIA can be carries forward to future years anc claimed as convenient.

Customer: replied 6 days ago.
ok thanks and what about my 1st questions of Loans taken from a Director?
Customer: replied 6 days ago.
Kindly advice

They are a creditor in the company's accounts and will be cleared when repaid.

Please be so kind as to rate me before you leave the Just Answer site.

Customer: replied 6 days ago.
that goes without saying. I have 3rd and probably last quetion now,
I am, perhaps, on last page of company return.
This is asking me to fill in dates I've prepared your organisation's accounts to.The company incorporation date is 9/6/16 and accounts made were up to 19/5/17. Should this be the period I enter ?
Customer: replied 6 days ago.
If I do this, it is asking me if company has filed accounts before.
I select, No as this being return for first year and move to next step.Then it gives me a message that, "We have been unable to match your outstanding Accounting Periods to the Accounts you are filing"Kidnly explain, stuck on last step/question now

That is because you are trying to file less than one year's period. I would advise you to fudge it.

Customer: replied 6 days ago.
apologies, what do you mean by fudge it?

Adjust the dates to that which the Micky Mouse and Donald Duck HMRC system will accept.

bigduckontax and other Tax Specialists are ready to help you
Customer: replied 6 days ago.
ok thanks

Thank you for your support.