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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: UK Tax
Satisfied Customers: 3585
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based)
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I would like to double check my corporate tax statement as

Resolved Question:

I would like to double check my corporate tax statement as you've indicated before that there may be few issues with the way it is filled. BTW, I face a problem passing through field AC187, which although is filled automatically, it complains on being inconsistent with balance sheet. Thanks.
Regards,
Artur
Submitted: 1 year ago.
Category: UK Tax
Expert:  taxadvisor.uk replied 1 year ago.

Hello, if you have any questions or need further clarification after reading my answer please let me know.

 

Thank you for your question...

 

I would like you to look at these boxes first

 

Box AC70 should read 2 if the share capital has not changed from previous year.

It appears you have added the value of tangible assets as shown in Box AC44 to this figure (2+5,677) making a total of 5,679

 

Box AC74 should be the same as Box AC40. If there is zero value in Boxes AC28, AC30, AC34 and AC38 then Box AC40 should equal box AC26. Your Box AC26 reads 871 whereas Box AC74 reads 856.

 

Director's contribution into the project £3,929 should not be treated as other operating income Box AC22, instead it is a balance sheet item and would be part of creditors due within one year Box AC58 if the contribution remains outstanding at year end.

 

Boxes AC187 should equal Box AC74... I have already asked you to review Box AC74 and Box AC40 above.

 

Your comments please...

 

Many thanks

Customer: replied 1 year ago.


AC12 = 19640


AC14 = 16807


AC16 = 2833


AC20 = 5892


AC26 = -3059 = AC40 = AC74


AC28 = AC30 = AC34 = AC38 = 0


AC70 = 2


AC22 moved to AC58 = 3929 as directors contribution


AC187 = AC74 = -3059


 


Other fields:


AC44 = AC48 = 5677


AC54 = AC56 = 872


AC58 = 3929


AC60 = -3057


AC 62 = AC68 = 2620


 


The problem now is with AC80 complaining about -3057 value

Expert:  taxadvisor.uk replied 1 year ago.

Artur, thank you for your reply.

Whilst I review your latest submission,

Please look at Box AC14 - you state it includes equipment purchase + travels + staff salaries. Please advise breakdown of each grouping.

What equipment is included in the total 16,806?

I await more news..

Many thanks

Expert:  taxadvisor.uk replied 1 year ago.

Artur, I think I have cracked it ...

 

It looks like you have double counted for purchase of equipment and I have removed it from Box AC14.

Secondly, I think travel and staff salaries should be moved from cost to admin expenses .. I will let you consider this..

 

This is my reconstruction of your accounts for your perusal.

 

PROFIT AND LOSSBox No.This year
turnoverAC1219,640
cost of salesAC1411,130
gross profitAC168,510
distribution costsAC180
administrative expensesAC205,892
other operatiing incomeAC220
operating profit or (loss)AC262,618
interest receivableAC280
interest payableAC300
profit or (loss) on ordinary activities before taxationAC322,618
tax on profit or loss on ordinary activitiesAC340
profit or (loss) for the financial yearAC362,618
dividends for the periodAC380
net balance for the financial period transferred to reservesAC402,618
BALANCE SHEETBox No.This year
intangible assetsAC420
tangible assetsAC445,677
TOTAL FIXED ASSETSAC485,677
stocksAC500
debtorsAC520
cash at bank and in handAC54872
TOTAL CURRENT ASSETSAC56872
creditors due within one yearAC583,929
NET CURRENT ASSETSAC60-3,057
TOTAL ASSETS LESS CURRENT LIABILITIESAC622,620
creditors due after more than one yearAC640
provision for liabilitiesAC660
TOTAL NET ASSETSAC682,620
CAPITAL AND RESERVESBox No.This year
called up share capitalAC702
revaluation reserveAC760
profit and loss accountAC742,618
TOTAL SHAREHOLDERS FUNDSAC802,620
Differencexxxx0

 

 

If you need more information on your question about error on tangible assets please let me know before you rate my service.

 

I hope this is helpful and answers your question. I am available for any follow up questions you may have, and you can use the reply button to post your follow up questions to the page. If you are happy and there are no more issues pertaining to your original question I will appreciate if you would kindly rate the service I provided to ensure I get paid for it.

 

 

Customer: replied 1 year ago.

It works, but how did you come up with AC14=11.130?


Thank you.

Expert:  taxadvisor.uk replied 1 year ago.
Artur, thank you for your reply.

AC14 is (16,807-5,677) = 11,130

I hope this is helpful and answers your question. I am available for any follow up questions you may have, and you can use the reply button to post your follow up questions to the page. If you are happy and there are no more issues pertaining to your original question I will appreciate if you would kindly rate the service I provided to ensure I get paid for it.
taxadvisor.uk, Chartered Certified Accountant
Category: UK Tax
Satisfied Customers: 3585
Experience: FCCA - over 35 years experience as a qualified accountant (UK based)
taxadvisor.uk and other UK Tax Specialists are ready to help you
Customer: replied 1 year ago.

Have trouble rating you. It says that I have no permission to view the page. Can you respond once again so I can rate you?

Expert:  taxadvisor.uk replied 1 year ago.

Artur, thank you for accepting my answer.

 

If you need to contact me again with new questions, please request for me to answer within the body of your question.

Customer: replied 1 year ago.

OK, I got a confirmation that I have rated you successfully!


Thanks for your help.


Best regards,


Artur

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