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Hello, I have a problem filling a CT600 form for 2011. I

Hello, I have a problem filling...
Hello,

I have a problem filling a CT600 form for 2011. I am stuck at "Accounts: Total Tangible Assets". I get an error "X ERROR: The net book value must tally with the tangible fixed assets value in the balance sheet. Please amend your entry. At 31 Dec 2010: AC133 £ ?"

The company was dormant in 2010 and no tangible assets were purchased, hence I did not fill anything for an earlier period in the "Balance: Tangible Assets" in field AC45. Similarly I left empty fields AC124D and AC128D since no assets means also no depreciation. However the field AC133D of Net value for previous period returns error. Why?

Thank you in advance.

Best regards,

Artur Krukowski
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Answered in 5 minutes by:
7/11/2013
taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: UK Tax
Satisfied Customers: 5,066
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
Verified

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

 

Thank you for your question...

 

Please let me have the following figures from your CT600 return and I will do my best to help you.

 

BALANCE SHEETBox No.This yearBox No.Last year
intangible assetsAC420AC430
tangible assetsAC440AC450
TOTAL FIXED ASSETSAC480AC490
stocksAC500AC510
debtorsAC520AC530
cash at bank and in handAC540AC550
TOTAL CURRENT ASSETSAC560AC570
creditors due within one yearAC580AC590
NET CURRENT ASSETSAC600AC610
TOTAL ASSETS LESS CURRENT LIABILITIESAC620AC630
creditors due after more than one yearAC640AC650
provision for liabilitiesAC660AC670
TOTAL NET ASSETSAC680AC690
CAPITAL AND RESERVESBox No.This yearBox No.Last year
called up share capitalAC700AC710
revaluation reserveAC760AC770
profit and loss accountAC740AC750
TOTAL SHAREHOLDERS FUNDSAC800AC810
Differencexxxx0xxxx0

Many thanks

 

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Customer reply replied 4 years ago

Hi,


 


Please find answer below. Extra info:


 


- we purchased equipment for a total value of 5946


- depreciation in the current year was 269


- net value is then 5677


- total share value is 2


- total turnover was 19640 (AC12)


- costs (equipment purchase + travels + staff salaries) was 16806 (AC14)


- administrative costs were 5892 (AC20)


- director contributed with 3929 to the project (AC22)


- Hence operational balance was 871 (AC26)


 


Does it help?


 


Thank you.


 


Regards,


 


Artur


 
















































































































































BALANCE SHEETBox No.This yearBox No.Last year
intangible assetsAC420AC430
tangible assetsAC445677AC450
TOTAL FIXED ASSETSAC485677AC490
stocksAC500AC510
debtorsAC520AC530
cash at bank and in handAC54858AC552
TOTAL CURRENT ASSETSAC56858AC572
creditors due within one yearAC580AC590
NET CURRENT ASSETSAC60858AC612
TOTAL ASSETS LESS CURRENT LIABILITIESAC626535AC632
creditors due after more than one yearAC640AC650
provision for liabilitiesAC660AC670
TOTAL NET ASSETSAC686535AC692
CAPITAL AND RESERVESBox No.This yearBox No.Last year
called up share capitalAC705679AC712
revaluation reserveAC760AC770
profit and loss accountAC74856AC750
TOTAL SHAREHOLDERS FUNDSAC806535AC812
Differencexxxx0

xxxx


Artur, thank you for your reply...

 

There appear to be errors in your presentation of figures -- I am going to look at your question of error on tangible assets pages only first and we could address overall accounts as a separate question please...

 

Lets us first of all concentrate on the error on tangible assets..

 

I presume you have put a cross (X) against Office equipment (including computers) under tangible assets on the page "Statutory Accounts Notes"

Now we turn to page Statutory Accounts Notes - tangible assets: Office equipment

This is what I would expect to see based on figures given by you..

 

STATUTORY ACCOUNTS NOTES

TANGIBLE ASSETS - OFFICE EQUIPMENT

Box No.

This year

COST

AT beginning of year

AC124D

0

ADDITIONS

AC125D

5,946

AT Closing of year - calculated

AC127D

5,946

DEPRECIATION

AT beginning of year

AC128D

0

CHARGE FOR YEAR

AC129D

269

AT Closing of year - calculated

AC131D

269

NET BOOK VALUE

AT Closing of year this year - calculated

AC132D

5,677

AT Closing of year last year - calculated

AC133D

0

TANGIBLE ASSETS - TOTAL comes from Office Equipment

Box No.

This year

COST

AT beginning of year

AC124

0

ADDITIONS

AC125

5,946

AT Closing of year - calculated

AC127

5,946

DEPRECIATION

AT beginning of year

AC128

0

CHARGE FOR YEAR

AC129

269

AT Closing of year - calculated

AC131

269

NET BOOK VALUE

AT Closing of year this year - calculated

AC132

5,677

AT Closing of year last year - calculated

AC133

0

 

Please let me know if this works

 

Many thanks

 

 

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Customer reply replied 4 years ago

I indeed put a cross (X) against Office equipment (including computers) under tangible assets on the page "Statutory Accounts Notes". Otherwise the tangible office equipment page would not appear.



The content of my table is exactly as yours. I checked everything few times and just in case re-entered the numbers in each field manually again. However, when pressing "next" in "Tangible assets: Office Equipment", it shows an error in field AC133 "X ERROR: The net book value must tally with the tangible fixed assets value in the balance sheet. Please amend your entry" on the page of "Tangible assets: Total".


 


Best,


 


Artur

Artur, thank you for your reply..

 

Do you have a X in any other category under the group Tangible Assets on Statutory Accounts Notes page?

 

I have just re performed these numbers on another CT600 return and my figures are not showing any errors.

 

I suggest, you go back and put zeros first, save all work to page Balance Sheet continued page and then input tangiable assets figures again and make sure only Office Equipment category is available for input and this total should roll into the summary page of Tangible assets total.

 

Many thanks

 

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Artur

 

One more thing you must do...

 

Although when you input the figures the first time it may show the error message on the tangible assets total page, if you were to press next twice on the total page the error should disappear..

 

Many thanks

 

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Artur, I hope you have been able to resolve the error message and that the figures in Boxes AC45 and AC133 agree.

 

As I stated earlier, some accounting treatment of other entries in your profit & loss account and Balance Sheet needs addressing.

 

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.

taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: UK Tax
Satisfied Customers: 5,066
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
Verified
taxadvisor.uk and 87 other UK Tax Specialists are ready to help you
Ask your own question now

Artur, thank you for accepting my answer.

 

You may wish to review your accounts again as accounting treatment of some transactions as presented to me in your replies doesn't appear correct.

 

I will be happy to help if you were to put a fresh question as request for me to answer.

 

Good luck..

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