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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: UK Tax
Satisfied Customers: 3621
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based)
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Hi I have been let down by an accountant just before the CT600

Resolved Question:

Hi I have been let down by an accountant just before the CT600 return needs to be submitted. As I have all the financial records i thought i would submit my return before engaging an accountant for the current year. Is it possible for somebody to look at my CT600 figures and see if there is a simple mistake being made. I can copy and paste all the details of the CT600
Submitted: 10 months ago.
Category: UK Tax
Expert:  Tony Tax replied 10 months ago.
Hi.

Have you tried submitting the CT600 using the HMRC website software?
Customer: replied 10 months ago.

yes that is the problem, can I copy and paste the details from the form

Expert:  Tony Tax replied 10 months ago.
Thanks.

Yes you can try to cut and paste the figures but as I don't use the HMRC software I'm going to opt out and alert another expert (taxadvisor.uk) who has helped many people here who do use the HMRC software. The software I use only requires a few figures, turnover, profit and capital allowances in most cases. The HMRC software requires all the accounts figures.
Customer: replied 10 months ago.

Profit and Loss 2013 2012


Turnover AC12 117200 AC13 75600


Cost of sales AC14 86045 AC15 54056


Gross Profit AC16 31155 AC17 21544


Dist Costs AC18 0 AC19 0


Admin Exp AC20 0 AC21 0


Other Op AC22 0 AC23 0


Oper Profit AC26 51155 AC27 21544


Int Receive AC28 0 AC29 0


Int Payable AC30 0 AC31 0


Profit bef tax AC32 51155 AC33 21544


Tax on profit AC34 8231 AC35 2496


ProfitYear AC36 42924 AC37 18598


Dividends AC38 10000 AC39 0


Net Bal AC40 32924 AC41 18598


 


Fixed assets


Intangible AC42 0 AC43 0


Tangible AC44 0 AC45 0


Total AC48 0 AC49 0


 


Current Assets


Stocks AC50 0 AC51 0


Debtors AC52 117200 Ac53 94500


Cash bank AC54 10000 AC55 0


Total Assets AC56 127200 AC57 94500


Creditors AC58 86045 AC59 75902


Net Current AC60 41155 AC61 18598


Total Current AC62 41155 AC63 18598


Cred + 1 AC64 0 AC65 0


Prov Liab AC66 0 AC67 0


Total Net AC68 41155 AC69 18598


 


Capital and Reserves


Called Up AC70 0 AC71 0


Revaluation AC76 0 AC77 0


Profit&Loss AC74 42924 AC75 18598


Total ShareHol AC80 42924 AC81 18598


 


Profit & Loss


Previous Year


Opening bal AC215 0


Profit AC216 18598


Dividend AC217 0


Retained Prof AC218 18598


Current Year


Reserves AC184 18598


Profit for yr AC185 42924


Dividends AC186 10000


Retain Profit AC187 51522 *****



X-ERROR The retained profit at 2013-01=31 must tally


with the value in the balance sheet


 


 

Expert:  Tony Tax replied 10 months ago.
Thanks.

I've sent a message to taxadvisor.uk who always sorts this type of problem out. He is offline right now so I hope the deadline isn't imminent.
Expert:  taxadvisor.uk replied 10 months ago.
Hello and welcome to the site. Thank you for your question.

Please leave it with me and I will revert shortly
Customer: replied 10 months ago.

thanks for your prompt response

Expert:  taxadvisor.uk replied 10 months ago.
Whilst I look at other numbers, please clarify for me
AC16 is showing 31,155 where as
AC26 is reading 51,155

one of them is wrong.. please revisit and confirm figure for AC26

many thanks
Customer: replied 10 months ago.

Sorry it was a typo. figures are


Profit and Loss 2013 2012


Turnover AC12 117200 AC13 75600


Cost of sales AC14 66045 AC15 54056


Gross Profit AC16 51155 AC17 21544


Dist Costs AC18 0 AC19 0


Admin Exp AC20 0 AC21 0


Other Op AC22 0 AC23 0


Oper Profit AC26 51155 AC27 21544


Int Receive AC28 0 AC29 0


Int Payable AC30 0 AC31 0


Profit bef tax AC32 51155 AC33 21544


Tax on profit AC34 8231 AC35 2496


ProfitYear AC36 42924 AC37 18598


Dividends AC38 10000 AC39 0


Net Bal AC40 32924 AC41 18598

Expert:  taxadvisor.uk replied 10 months ago.




Please revisit a few boxes for me

AC74=AC187 and AC75=AC218

AC68 (41,155)=AC80 (42,924) but your figures are showing a difference of 1,769

and AC41 (19,048)=AC75 (18,598 - this is what is shown) but last year being year one the figure should equal AC41

Please look at these numbers

If I were to input the right figures for profit and loss account as shown in your profit and loss account then your Balance Sheet is showing differences

I would like you to visit top half of balance sheet..

AC54 shows 10,000 yet AC55 shows zero.. was there no bank balance last year?

Revisit AC58 and AC59

PROFIT AND LOSS

Box No.

This year

Box No.

Last year

turnover

AC12

117,200

AC13

75,600

cost of sales

AC14

66,045

AC15

54,056

gross profit

AC16

51,155

AC17

21,544

distribution costs

AC18

0

AC19

0

administrative expenses

AC20

0

AC21

0

other operatiing income

AC22

0

AC23

0

operating profit or (loss)

AC26

51,155

AC27

21,544

interest receivable

AC28

0

AC29

0

interest payable

AC30

0

AC31

0

profit or (loss) on ordinary activities before taxation

AC32

51,155

AC33

21,544

tax on profit or loss on ordinary activities

AC34

8,231

AC35

2,496

profit or (loss) for the financial year

AC36

42,924

AC37

19,048

dividends for the period

AC38

10,000

AC39

0

net balance for the financial period transferred to reserves

AC40

32,924

AC41

19,048

BALANCE SHEET

Box No.

This year

Box No.

Last year

intangible assets

AC42

0

AC43

0

tangible assets

AC44

0

AC45

0

TOTAL FIXED ASSETS

AC48

0

AC49

0

stocks

AC50

0

AC51

0

debtors

AC52

117,200

AC53

94,500

cash at bank and in hand

AC54

10,000

AC55

0

TOTAL CURRENT ASSETS

AC56

127,200

AC57

94,500

creditors due within one year

AC58

86,045

AC59

75,902

NET CURRENT ASSETS

AC60

41,155

AC61

18,598

TOTAL ASSETS LESS CURRENT LIABILITIES

AC62

41,155

AC63

18,598

creditors due after more than one year

AC64

0

AC65

0

provision for liabilities

AC66

0

AC67

0

TOTAL NET ASSETS

AC68

41,155

AC69

18,598

CAPITAL AND RESERVES

Box No.

This year

Box No.

Last year

called up share capital

AC70

0

AC71

0

revaluation reserve

AC76

0

AC77

0

profit and loss account

AC74

51,972

AC75

19,048

TOTAL SHAREHOLDERS FUNDS

AC80

51,972

AC81

19,048

Difference

xxxx

-10,817

xxxx

-450

 

PROFIT AND LOSS

Box No.

This year

Box No.

Last year

profit or (loss) for current year after tax

ac36

42,924

ac37

19,048

dividends for the period

ac38

10,000

ac39

0

net balances transferred to reserves

ac40

32,924

ac41

19,048

STATUTORY ACCOUNTS NOTES

Box No.

This year

Box No.

Last year

profit and loss - opening balance

ac184

19,048

ac215

0

profit for the period

ac185

42,924

ac216

19,048

equity dividends paid

ac186

10,000

ac217

0

retained profit

ac187

51,972

ac218

19,048

 

Customer: replied 10 months ago.

thanks, XXXXX XXXXX 0 balance at end of last year. I will amend figures as advised and try to resubmit

Expert:  taxadvisor.uk replied 10 months ago.

If you conclude that top half of balance sheet namely debtors and bank balances are correct and also your profit figures are correct then the balance sheet will agree if you input these figures
AC58=75,228
AC59=75,452

BALANCE SHEET

Box No.

This year

Box No.

Last year

intangible assets

AC42

0

AC43

0

tangible assets

AC44

0

AC45

0

TOTAL FIXED ASSETS

AC48

0

AC49

0

stocks

AC50

0

AC51

0

debtors

AC52

117,200

AC53

94,500

cash at bank and in hand

AC54

10,000

AC55

0

TOTAL CURRENT ASSETS

AC56

127,200

AC57

94,500

creditors due within one year

AC58

75,228

AC59

75,452

NET CURRENT ASSETS

AC60

51,972

AC61

19,048

TOTAL ASSETS LESS CURRENT LIABILITIES

AC62

51,972

AC63

19,048

creditors due after more than one year

AC64

0

AC65

0

provision for liabilities

AC66

0

AC67

0

TOTAL NET ASSETS

AC68

51,972

AC69

19,048

CAPITAL AND RESERVES

Box No.

This year

Box No.

Last year

called up share capital

AC70

0

AC71

0

revaluation reserve

AC76

0

AC77

0

profit and loss account

AC74

51,972

AC75

19,048

TOTAL SHAREHOLDERS FUNDS

AC80

51,972

AC81

19,048

Difference

xxxx

0

xxxx

0

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.

Expert:  taxadvisor.uk replied 10 months ago.

If on the other hand AC37 is 18,598 and not 19,048 as calculated (AC33 21,544 - AC35 2,496) then you would have to change figures on profit and loss account first and this could be one scenario

PROFIT AND LOSSBox No.This yearBox No.Last year
turnoverAC12117,200AC1375,600
cost of salesAC1466,045AC1554,506
gross profitAC1651,155AC1721,094
distribution costsAC180AC190
administrative expensesAC200AC210
other operatiing incomeAC220AC230
operating profit or (loss)AC2651,155AC2721,094
interest receivableAC280AC290
interest payableAC300AC310
profit or (loss) on ordinary activities before taxationAC3251,155AC3321,094
tax on profit or loss on ordinary activitiesAC348,231AC352,496
profit or (loss) for the financial yearAC3642,924AC3718,598
dividends for the periodAC3810,000AC390
net balance for the financial period transferred to reservesAC4032,924AC4118,598
BALANCE SHEETBox No.This yearBox No.Last year
intangible assetsAC420AC430
tangible assetsAC440AC450
TOTAL FIXED ASSETSAC480AC490
stocksAC500AC510
debtorsAC52117,200AC5394,500
cash at bank and in handAC5410,000AC550
TOTAL CURRENT ASSETSAC56127,200AC5794,500
creditors due within one yearAC5875,678AC5975,902
NET CURRENT ASSETSAC6051,522AC6118,598
TOTAL ASSETS LESS CURRENT LIABILITIESAC6251,522AC6318,598
creditors due after more than one yearAC640AC650
provision for liabilitiesAC660AC670
TOTAL NET ASSETSAC6851,522AC6918,598
CAPITAL AND RESERVESBox No.This yearBox No.Last year
called up share capitalAC700AC710
revaluation reserveAC760AC770
profit and loss accountAC7451,522AC7518,598
TOTAL SHAREHOLDERS FUNDSAC8051,522AC8118,598
Differencexxxx0xxxx0
TO BE INPUT
PROFIT AND LOSSBox No.This yearBox No.Last year
profit or (loss) for current year after taxac3642,924ac3718,598
dividends for the periodac3810,000ac390
net balances transferred to reservesac4032,924ac4118,598
STATUTORY ACCOUNTS NOTESBox No.This yearBox No.Last year
profit and loss - opening balanceac18418,598ac2150
profit for the periodac18542,924ac21618,598
equity dividends paidac18610,000ac2170
retained profitac18751,522ac21818,598

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.

taxadvisor.uk, Chartered Certified Accountant
Category: UK Tax
Satisfied Customers: 3621
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 10 months ago.

thanks very much for your help, CT600 now balancing

Expert:  taxadvisor.uk replied 10 months ago.
I am pleased for you..
Thank you for accepting my answer.

Best wishes

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