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I am trying to help my husband do his tax return he is a

hi JA: Hi. How can I...
hi
JA: Hi. How can I help?
Customer: i am trying to help my husband do his tax return he is a limied compan registered under the cis
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: and i have got to the ac34 box how do i work this out?
JA: Is there anything else important you think the Accountant should know?
Customer: the profit before tax is 90455, so is it 19% of 90455?
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Customer reply replied 1 month ago
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call.
Customer reply replied 1 month ago
Let me know if you need more information, or send me the service offer(s) so we can proceed.
Answered in 1 hour by:
11/1/2017
taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: UK Tax
Satisfied Customers: 5,028
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
Verified

Hello and welcome to JustAnswer. I am here to help you. I am reviewing your question and will respond to you shortly.
Many thanks

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Customer reply replied 1 month ago
I have other bits a questions and hope you wld be able to help me with those as well. Thanks

Thank you for your question.

Please clarify for me..

- are you trying to file the company tax return CT600 Return or your husband's personal tax return

- you mentioned the company is registered under CIS

You also mention Box 34..this is a CT600 return box.

Many thanks

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I suggest you list all your requirements and we will work to complete the company tax return.

Many thanks

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Customer reply replied 1 month ago
Ok I will list all the questions tonight. Thanks.

It would be helpful if you attach draft accounts.

Many thanks

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Customer reply replied 1 month ago
Ive attached the draft accounts from Xero
And I've copied and pasted the figures entered on HMRC website.
Basically, I would be grateful if you can let me know if ive done it right or let me know what needs to be corrected.
Appreciate any help and direction you can give me. thanks
Customer reply replied 1 month ago
To answer your question from earlier, it is the CT600 return.
thanks
Customer reply replied 1 month ago
The draft CT600 form says
Turnover 93703
Trading profit 32323
Corp Tax due 6464.60 (made up of 3886 @20% and [email protected]%)however, the tax figure on profit on the P&L form on HMRC is 17,186 (which I worked out myself as 19% of 90455)
Also which tax figure do I then enter in Xero as an accrual?Ive put his directors remuneration as £7400, would he have to pay paye?Then, which tax figure do I put against his CIS deductions- the £17,186 or the £6464.60?
Really appreciate any help please.

Thank you for your reply.

Please advise

- if this is first year of trading and first set of accounts being filed.

- when was the company formed/incorporated

-the amount shown as drawings, is it a balancing figure

I feel it would be to your advantage to consider additional service to get better understanding of what goes where and why?

If acceptable, I will send you an offer.

Many thanks

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Customer reply replied 1 month ago
hi,
it is the first year of trading and first set of accounts
incorporated 16 feb 2016
no, it isn't a balancing figure.
what would be the cost of additional services please?

Thank you for your reply.

The company was incorporated on 16 Feb 2016..did it start to trade from day one.

I am a qualified accountant in practise and I wish to make sure you are on the right footing. I am sending you my offer here.

Many thanks

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Customer reply replied 1 month ago
Ok, can I speak to my husband first and get back to you please?
It might be tomorrow or Friday because tomorrow is our daughter's 2nd birthday and he has taken the day off.

No problem.. wishing your daughter a happy 2nd birthday for tomorrow. Have a wonderful day.

Many thanks

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Customer reply replied 1 month ago
Hi,
I do not wish to proceed with the higher cost. I have corrected my mistake on HMRC and the figures now match those on Xero.
For the initial fee that I paid, would you be able to answer one question for me please
the tax I calculated as £5579 (20% of 27897) but the auto fill CT600 gives £6464. Why is there a difference?

Thank you for your reply.

If your adjusted profit for CT purposes is 32,323 then CT payable on it is (32,323 x 20%) £6,464.

Detailed P&L account that you provided shows net profit of £27,897. If there are no adjutments to this profit for CT purposes then CT provision should be (27,897 x 20%) £5,579.

You state you have corrected your mistake on HMRC return. What are you showing as net profit before tax?

I will be happy to review your tax computation page if it helps.

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.

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Customer reply replied 1 month ago
I have attached the calculations and CT600 from HMRC auto fill. thanks

Thank you for your reply.

You appear to have input some figures totalling 4,426 in adjustment section for T return to read in box CP289 £32,323 and not £27,897.

Happy to review adjustments section.

Many thanks

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Customer reply replied 1 month ago
I haven't filled out those boxes CP289
it's auto filled by HMRC

Thank you for your reply..

Are you able to send me the draft company tax return and I will review it.

IT appears maybe something has been entered in a wrong box.

Many thanks

Ask Your Own UK Tax Question
Customer reply replied 1 month ago
Annoyingly I cannot get the link to attach.
Good news, I found my error and have entered the expenses correctly however the tax figure is still out by £129!

Thank you for your reply.

I am pleased you have been able to find an error.

You should be able to print draft return in pdf before declaration and submission.

I am happy to review your figures.

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/accept the service I provided to ensure I get credited for it by Just Answer.

Ask Your Own UK Tax Question

Hi there

Just checking to see if you need further clarification/information or have I answered your question.

Many thanks

taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: UK Tax
Satisfied Customers: 5,028
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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taxadvisor.uk and 87 other UK Tax Specialists are ready to help you
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Customer reply replied 1 month ago
Thanks for your help. You’ve been very patient and helpful.

I thank you for accepting my answer.

Best wishes

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taxadvisor.uk, Chartered Certified Accountant
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