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TaxRobin
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Experience:  International tax
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I just need clarification on what to include in the

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hi there
JA: Hi. How can I help?
Customer: I just need clarification on what to include in the "creditors: amounts falling within one year" section of the balance sheet
JA: Have you talked to a tax professional about this?
Customer: No, I'm trying to find the answer online
JA: Anything else you want the Accountant to know before I connect you?
Customer: no..

Hello and thank you for allowing me to assist you.

Amounts owed by the business that are payable or repayable over the longer term i.e. later than one year from the balance sheet date.

If these include any secured debts (e.g. instalments payable on secured loans after one year from the balance sheet date), they must be disclosed in the creditors note to the accounts. It is acceptable to show the total of short term and long term secured debts as a single total in the creditors note.

If these include any loans or debts payable by the business in instalments or otherwise later than 5 years from the balance sheet, they must be disclosed separately, a) instalment debts after 5 years and b) non-instalment debts after 5 years in the creditors note to the accounts.

Customer: replied 5 days ago.
Hi, thanks for your answer. My company doesn't have loans so my question is referring more to the tax liabilities and PAYE. So, if my accounting period ended the 30th of April 2019, do I have to include salaries, pensions, NI and VAT up to 30th April 2020 in the figure given as "creditors: amounts falling within one year"? Because I can estimate the salaries+NI+pensions, but I have no way to know the VAT, since it varies a lot through the year

No, loans would be shown not wages

Customer: replied 5 days ago.
Ok, so I only have to include the due corporate tax and due VAT (only the returns already sent)? Not PAYE?
Customer: replied 5 days ago.
Just to clarify, I'm talking about the amounts WITHIN ONE YEAR... cos your first answer you said "Amounts owed by the business that are payable or repayable over the longer term i.e. later than one year from the balance sheet date." So I'm not sure you understood my question..

You include amounts that are owed but not wages NO AMOUNT OF PAYE

 

Customer: replied 5 days ago.
Ok, so in my case only Corporate tax and VAT, correct? and Up to April 2020? or only Up to April 2019? What does it mean "falling within one year". If my accounting year ends in April 2019, do I need to Include VAT up to April 2020?

Yes up to one year of the balance date state any longer obligations separately

Customer: replied 5 days ago.
but, It's not possible for me to know how much VAT I'll owe within the next year. AM I supposed to just guess a figure?

NO it is only a debt you know is there

TaxRobin and other Tax Specialists are ready to help you
Customer: replied 5 days ago.
ah, ok understood. Thank you