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

This answer was rated:
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

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.

Many thanks

Customer: replied 4 years 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

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

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 LOSS Box No. This year turnover AC12 19,640 cost of sales AC14 11,130 gross profit AC16 8,510 distribution costs AC18 0 administrative expenses AC20 5,892 other operatiing income AC22 0 operating profit or (loss) AC26 2,618 interest receivable AC28 0 interest payable AC30 0 profit or (loss) on ordinary activities before taxation AC32 2,618 tax on profit or loss on ordinary activities AC34 0 profit or (loss) for the financial year AC36 2,618 dividends for the period AC38 0 net balance for the financial period transferred to reserves AC40 2,618 BALANCE SHEET Box No. This year intangible assets AC42 0 tangible assets AC44 5,677 TOTAL FIXED ASSETS AC48 5,677 stocks AC50 0 debtors AC52 0 cash at bank and in hand AC54 872 TOTAL CURRENT ASSETS AC56 872 creditors due within one year AC58 3,929 NET CURRENT ASSETS AC60 -3,057 TOTAL ASSETS LESS CURRENT LIABILITIES AC62 2,620 creditors due after more than one year AC64 0 provision for liabilities AC66 0 TOTAL NET ASSETS AC68 2,620 CAPITAL AND RESERVES Box No. This year called up share capital AC70 2 revaluation reserve AC76 0 profit and loss account AC74 2,618 TOTAL SHAREHOLDERS FUNDS AC80 2,620 Difference xxxx 0

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 4 years ago.

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

Thank you.

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.
Customer: replied 4 years 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?

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 4 years ago.

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

Thanks for your help.

Best regards,

Artur