UK Tax

UK Tax Questions? Ask a UK Tax Advisor for answers ASAP

Ask an Expert,
Get an Answer ASAP!

UK Tax
This answer was rated:

I am trying to do CH webfiling for my abbreviated accounts

(first year) but really don't...
I am trying to do CH webfiling for my abbreviated accounts (first year) but really don't understand what is supposed to go where? The words literally don't make any sense, and they are due on Sunday!!

I have only made 1 sale, and paid out for things like flyers and shirts (max 6 transcations), which all came out of my personal account (as the business 1. didn't have a bank account for the first half of the accounting year, and 2. the one credit was made just before the end of the accounting year). I am the only shareholder.

ANy help would be much appreciated!!

KT
Show More
Show Less
Ask Your Own UK Tax Question
Answered in 33 minutes by:
11/1/2013
taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: UK Tax
Satisfied Customers: 5,020
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
Verified

Hello and welcome to the site. Thank you for your question.

Please let me have some basic information and I will help you ...

For Balance Sheet I need information as follows:

- Bank balance at year end
- Had you issued any shares in the year? If so how many and nominal value of each share
- How much had you paid for company expenses out of pocket in total?
- how much did you get from sales - value pls?

many thanks

Ask Your Own UK Tax Question
Customer reply replied 4 years ago

Accountancy period - 3/2/13 - 28/2/13


 


Bank balance at year end (company bank account) - £125


 


No shares issued (shares are the same as when I set up - no change)


 


During this period I paid £339.27 from my personal account (although speaking to a friend of mine, I may need to discount this £64.93 as this was for website renewal which is in my name not the company's as was purchased before the company was incorporated).


 


One single sale - £125 (paid into company account. The costs for this sale were not paid out until the next accounting period)


 


Hope that makes sense?!


 


 

Customer reply replied 4 years ago

Should probably have mentioned (don't know if it makes a difference or not) but the money spend was all on promotional/marketing items (flyers and uniform shirts).

KT, thank you for additional information..

Please advise cost of sales (although not paid for at year end)

many thanks
Ask Your Own UK Tax Question
Customer reply replied 4 years ago

Cost of item - £105


P&P - unfortunately can't remember and can't find any records (it's filed away somewhere safe, if only I knew where that was!)

KT, thanks for the info

I will be back shortly with the figures

Many thanks
Ask Your Own UK Tax Question
Customer reply replied 4 years ago

Thanks - is there anything else you need?

KT .. please input these figures in your abbreviated balance sheet

Balance Sheet 2013
Fixed assets
Tangible 0
Intangible assets 0
Total fixed assets 0
Current assets
Cash at bank and in hand 125
Total current assets 125
Creditors: amounts due within 12 months -444
Net current assets -319
Total assets less current liabilities -319
Total net assets -319
Capital and reserves
Called up share capital 0
Profit and loss account -319
Shareholders funds -319


This is for information

Sales 125
Cost of sales 105
Gross profit 20
Expenses 339
Loss for the year -319

There is no need to discount for website renewal.. although it was in your name but was intended for the company use.

When you come to accounting policies in the notes section tick for
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

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.

Ask Your Own UK Tax Question
Customer reply replied 4 years ago

Awesome, thank you! So, would that mean I could claim for costs for the company incurred prior to the company formation (as in the purchase of the initial website in nov 11, flyers in Jan 12, and the costs of company incorporation)? Otherwise I am not sure how to 'claim them back' later on without complicating a further period. If not, dO I write them off as a personal expense? (talking an additional £250 roughly).

KT, you can claim for costs incurred prior to company formation within these accounts...
The cost of company incorporation is not allowable and therefore don't claim it.

I hope this is helpful and answers your question.
Ask Your Own UK Tax Question
Customer reply replied 4 years ago

OK, so where would I include £180, and £77?


 


And I'm a bit confused as to why the forecast profit has been taken into account when that falls outside the timeframe?


 


Sorry, my brain is totally fried at the moment.

KT, if expenditure of £257 relates to initial website and flyers then your total expenses become (339+257) = 596 and loss for the period becomes 576

Your balance sheet would read

Balance Sheet 2013
Fixed assets
Tangible 0
Intangible assets 0
Total fixed assets 0
Current assets
Cash at bank and in hand 125
Total current assets 125
Creditors: amounts due within 12 months -701
Net current assets -576
Total assets less current liabilities -576
Total net assets -576
Capital and reserves
Called up share capital 0
Profit and loss account -576
Shareholders funds -576

There is no forecast profit... accounts are prepared on accounting concept of accruals basis.. you match income and expenses to the period they relate and not when money is received or paid.

I hope this is helpful and answers your question.

If you are happy and there are no more issues I will appreciate if you would kindly rate the service I provided to ensure I get paid for it.

Ask Your Own UK Tax Question
Customer reply replied 4 years ago

Last question, do I need to add in the transactions with directors?

Based on information given your transactions with directors were limited to you paying for company expenses out of your pocket...

So the answer is NO.. you do not need to add in the transactions with directors.

I hope this is helpful and answers your question.
Ask Your Own UK Tax Question
Customer reply replied 4 years ago

Ok. It's now come up saying - Current period: Called up share capital is required


 


ANy ideas?

If you have not issued any shares then the answer is zero..
You would have filed an annual report .. what did you state in it?
Ask Your Own UK Tax Question
Customer reply replied 4 years ago

No changes in shares since set up - 100 shares @ £3 each. Should that number be 300?

Yes you will have to put 300...

Now that you are showing issued share capital, your balance sheet will look like

Current assets
Cash at bank and in hand 125
Total current assets 125
Creditors: amounts due within 12 months -401
Net current assets -276
Total assets less current liabilities -276
Total net assets -276
Capital and reserves
Called up share capital 300
Profit and loss account -576
Shareholders funds -276

If you input above figures then the document will balance
Ask Your Own UK Tax Question
Customer reply replied 4 years ago

Shares are all mine - no diff?


 


Sorry for being such a pain - so totally different to SA.

Shares are all yours - makes no difference..

I think I have prepared the whole set of accounts for you know.
If you are happy and there are no more issues 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: 5,020
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
KT, thank you for accepting my answer
Ask Your Own UK Tax Question
Customer reply replied 4 years ago

Thanks for all your help!

You are welcome

Best wishes
Ask Your Own UK Tax Question
Ask taxadvisor.uk Your Own Question
taxadvisor.uk
taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: UK Tax
Satisfied Customers: 5,020
5,020 Satisfied Customers
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)

taxadvisor.uk is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Sam

Sam

Accountant

6,508 satisfied customers

26 HMRC expertise, PAYE, Self Assessment ,Residency, Capital Gains, CIS ask for Sam Tax

bigduckontax

bigduckontax

Accountant

859 satisfied customers

FCCA FCMA CGMA ACIS

TEAP007

TEAP007

Tax Preparer

759 satisfied customers

Fully Trained Inspector of Taxes / District Inspector/ Team Leader/ Offshore Consultant/ 41 years

Andrew Baker(baktax)

Andrew Baker(baktax)

Personal Tax Adviser

756 satisfied customers

35+ years experience in income tax, CGT, non-residence

berduchwal

berduchwal

Accountant

669 satisfied customers

Qualified accountant and bookkeeper running my own practice since 2008.

Clare

Clare

Solicitor

147 satisfied customers

25 years exeperience as a high street solcitor

Mrs-Tax

Mrs-Tax

Tax Adviser

59 satisfied customers

Law Degree, 19 years in UK Tax.

< Previous | Next >

Related UK Tax Questions
I am trying to file Ltd Company micro-entity accounts with
Hi, I am trying to file Ltd Company micro-entity accounts with Companies house and i keep getting the error message "shareholders funds must be equal to the total net assets (liabilities). We are a ve… read more
taxadvisor.uk
taxadvisor.uk
Chartered Certified Accountant
5,020 satisfied customers
I am requesting to my 10/19/2011 question: I'll be 65 in
Hi, I am requesting a follow up to my 10/19/2011 question: I'll be 65 in March 2012 and am probably going to get a Original Question URL: http://www.justanswer.com/uk-tax/5phxe-i-ll-65-march-2012-prob… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,508 satisfied customers
I'm doing the accounts for my sister who owns a micro entity
Hi Pearl, My name is ***** ***** I'm doing the accounts for my sister who owns a micro entity business company. Last year was the first accounting year and I laid an abrieved.online account. I'm about… read more
bigduckontax
bigduckontax
Accountant
FCCA FCMA CGMA ACIS
859 satisfied customers
I have a UK/Australia tax question not social security. I
I have a UK/Australia tax question not social security … read more
bigduckontax
bigduckontax
Accountant
FCCA FCMA CGMA ACIS
859 satisfied customers
You recently (Nov 16th) answered questions in relation to
You recently (Nov 16th) answered questions in relation to CGT on the sale of a holiday home in France, for which many thanks. I do have a few more specific questions re. other allowable costs. These a… read more
taxadvisor.uk
taxadvisor.uk
Chartered Certified Accountant
5,020 satisfied customers
My father and step mother are both in separate care homes.
My father and step mother are both in separate care homes. They jointly own a house. My father has a state and occupational pension both of which are considered as sole his income by the local authori… read more
taxadvisor.uk
taxadvisor.uk
Chartered Certified Accountant
5,020 satisfied customers
I wanted to know if a uk limited company could lend me
I wanted to know if a uk limited company could lend me monies to purchase a property. I am not a director of the company … read more
Sam
Sam
Accountant
Higher Officer HMRC
6,508 satisfied customers
I don't have a social security question. I have a micro
I don't have a social security question. I have a micro entity account question. … read more
taxadvisor.uk
taxadvisor.uk
Chartered Certified Accountant
5,020 satisfied customers
I have been sent a letter from the tax - it seems my
I have been sent a letter from the tax - it seems my accountant has declared more subbies working for me than actually did, despite the fact that I sent off my subbies tax deductions every month after… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,508 satisfied customers
We have a holiday home in France which we have had for 23
We have a holiday home in France which we have had for 23 years and wish to sell. I need to know which costs for renovating it are allowable against capital gains tax.… read more
taxadvisor.uk
taxadvisor.uk
Chartered Certified Accountant
5,020 satisfied customers
I am a UK resident for tax purposes since 2012. I plan to
I am a UK resident for tax purposes since 2012. I plan to transfer to my 25 year old son who is a UK tax resident, this year a plot of land in my country of birth which i bought 23 years for the equiv… read more
taxadvisor.uk
taxadvisor.uk
Chartered Certified Accountant
5,020 satisfied customers
We are a us based company. We have a question about vat.
Hello. We are a us based company. We have a question about vat.Essentially we connect a client in the UK with a client who could be anywhere in the world.We handle the payments.We take money from the … read more
bigduckontax
bigduckontax
Accountant
FCCA FCMA CGMA ACIS
859 satisfied customers
This is a question for a Verified UK tax professional only I
This is a question for a Verified UK tax professional onlyI am a British national and an Australian resident for tax purposes since March 2016 (I have not been outside Australia since then and have a … read more
bigduckontax
bigduckontax
Accountant
FCCA FCMA CGMA ACIS
859 satisfied customers
I am serving in Army. I was advised by HM Customes to use a
I am serving in Army. I was advised by HM Customes to use a UK414 to register my tax free vehicle when I bought it over from Germany, the same person is now telling me 1 1/2 years later that I have to… read more
TEAP007
TEAP007
Tax Preparer
Fully Trained Inspector of Taxes B1
759 satisfied customers
I get tax credits but have inherited money following the
i get tax credits but have inherited money following the death of my mum. Do i have to advise tax credits of this. Have given some money to other family and paid off debts. Not a lot left but not sure… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,508 satisfied customers
I am receiveing money from abroad, do i have to pay for Non
i am receiveing money from abroad, do i have to pay for Non Residential Tax Clearance Certificate? … read more
Clare
Clare
Solicitor
Bachelor's Degree
147 satisfied customers
I used to live in Ireland 4 years ago and set up my TIN
Hello, I used to live in Ireland 4 years ago and set up my TIN because I do world-wise freelance, however I've been consistently moving countries because I like to travel and wasn't aware on how to do… read more
bigduckontax
bigduckontax
Accountant
FCCA FCMA CGMA ACIS
859 satisfied customers
I'm trying to submit abbreviated company accounts for my
I'm trying to submit abbreviated company accounts for my Cricket Club to companies house and not an accountant! Keeps coming up with the message "Current period: Members' funds must be equal to the to… read more
taxadvisor.uk
taxadvisor.uk
Chartered Certified Accountant
5,020 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x