CT600 help

[Naive citizen]

Anyone particularly familar with the CT600.

I'm using it to submit my accounts to Companies House at the same time as carrying out the tax return.

Boxes AC70 to AC77 -

Called up Share Capital
Revaluation Reserve
Profit and Loss Account

The form automatically calculates the final sum based on what you've entered. It wants details for the previous financial year as well as the one you're submitting.

I went from a fairly substantial loss to a small profit over the two years and when I answer the three questions listed above with what I think the figures should be the form rejects my input.

Anyone able to help. Much appricated.

 

[elaine@cheapaccounting]

These are accounts headings - so it sounds like you are trying to submit your accounts.

Sounds like your accounts do not balance. There is not enough info in your post to help.

 

[Naive citizen]

So imagine I have the following figures.

Year 2 - Year 1

Called up Share Capital: £0.00 - £0.00
Revaluation Reserve: £0.00 - £0.00
Profit and Loss Account: £50.00 - (minus) -£100.00

i.e. a loss in Year 1 and a profit in Year 2.

I'm not an accountant so I find some of the terms confusing. Obviously I know exactally what my business has and hasn't done over the last few years. I just don't know how to fill in this forum.

 

[Mitchells Bristol]

Hello there

The form may be getting rejected as the company would need to have share capital (assuming it is a company limited by shares).

 

[Naive citizen]

I tried it with a nominal figure of £100.00 in each box for the two years. That didn't work despite being accurate. I'm the only director and I've not issued any shares. I own 100% of them and only setup a basic round figure when I setup the company. Basically I've not meddled with the shares as I've had no need to.

 

[faradaykeynes]

What is your total net assets figure? does it match with capital & reserves?

 

[Tom McClelland]

It wouldn't be the first company I've seen with CH abbreviated accounts with no share capital line. I expect that the new CH/HMRC software is better at spotting the more obvious errors.

You can't fix that just by entering the capital of eg £100, because the accounts won't balance any more.

In Naive Citizen's place I'd ponder how likely it is that the accounts contain other hidden errors if something so basic is being got wrong. IMHO final accounts, tax schedules, and CT600 really aren't for amateurs. I'm enough of a bookkeeper that I wouldn't dream of trying to file a return without share capital, but also I know that I'm not enough of a accountant to my own statutory returns.

 

[David Griffiths]

I tried it with a nominal figure of £100.00 in each box for the two years. That didn't work despite being accurate. I'm the only director and I've not issued any shares. I own 100% of them and only setup a basic round figure when I setup the company. Basically I've not meddled with the shares as I've had no need to.

You must have at least one issued share because you would have subscribed the Memorandum of Association on incorporation. It might be unpaid, but there will be at least one share issued.

 

[David Griffiths]

In Naive Citizen's place I'd ponder how likely it is that the accounts contain other hidden errors if something so basic is being got wrong. .

We get questions all the time about accounts on the HMRC software. The obvious way to fill in the form is to prepare the accounts and then transpose the figures into the software. In reality, the users seem to try to do things the other way round when they clearly don't know what they are doing.

I reckon that the object isn't to get things right, it's to get the software to accept any number and submit it

 

[Naive citizen]

I reckon that the object isn't to get things right, it's to get the software to accept any number and submit it

Correct.

The problem is I know what my obligations are and I don't have time or money to waste filling in stupid forms for the government.

Obviously the company has shares but I just entered a convenient round figure into the box when registering the company originally. It might be £100.00 or £1000.00 - I can't remember.

I'm not hiring an accountant because I know if I do that then I'll have to admit my accounts aren't arranged professionally and the accountant will huff and puff until I agree to allow them to touch every bit of paper in my filing cabinets as they rearrange it all into an order I don't understand. Then I'll be locked in for life having failed to understand basic accounting.

Really I want to learn how to do this myself. If someone else can do it then so can I.

What is your total net assets figure? does it match with capital & reserves?

This is probably the answer. I'll have to go back a few pages and check but I think as my business has grown we've got assets we wouldn't have had before and I must have entered a figure for this.

 

[Naive citizen]

What is your total net assets figure? does it match with capital & reserves?

Yep, that was the answer. Thanks.