Help On Balance Sheet And Ct600

[MANUE1970]

Hi,

I need some help…My husband has a Limited company and works alone. I am at the moment doing his CT return on line and I am really struggling with the information that I have to enter in the Balance Sheet section. His Profit and Loss a/c after tax is £1037 and the total net Asset form his balance sheet is 13889 so what I am struggling to do is the capital and reserves bit :
Capital and reserves
Called up share capital
Share premium account

Revaluation reserve
Other reserves….
What should I enter??? Any help would be very much appreciated. I wonder sometime why he did not go as a Sole Trader instead of a limited company!!!!
Many thanks in advance
Emmanuelle

 

[elaine@cheapaccounting]

Impossible to tell from what you have entered.

With respect limited company accounts and CT600s is really the job of an accountant.

Is it his first year of trading?

Have you done two CT600s as the accounting period is most likely more than one year?

 

[MANUE1970]

I have done it in the past 2 years and I am doing the 2009-2010 account. I do not know what I should enter under the CAPITAL AND RESERVE account.
Do I need to enter anything at all or only enter the Profit and loss account or do I need to enter a figure for SHARES?
My husband business is very straight forward and I do know how to do a PL account but when it comes to the BS I am really confused...Thanks for your help

 

[elaine@cheapaccounting]

If you've done the limited accounts for the last 2 years then the shares are the same unless you have issued some others.

If you have done sole tarder accounts only then please bear in mind that limited are VERY different.

Have you put the corporation tax in the balance sheet?

Have a read of this ...

http://www.cheapaccounting.co.uk/blog/index.php/are-you-ready-to-be-a-director/

 

[MANUE1970]

I always enter the PL before tax should I have enter it without the tax?

So £100 share is correct? I am a bit lost at the moment and cannot afford an accountant at the moment

Thank you for your help

Emmanuelle

 

[MyAccountantOnline]

I always enter the PL before tax should I have enter it without the tax?

So £100 share is correct? I am a bit lost at the moment and cannot afford an accountant at the moment

Thank you for your help

Emmanuelle

The reserves figure will be the profits/losses to date (after tax) and the share capital is the issued share capital.

Are you working from a balanced trial balance or taking figures from an accounting package?

I do agree with Elaine in my professional opinion company accounts and tax do need to be dealt with by a qualified and experienced accountant.

 

[elaine@cheapaccounting]

I always enter the PL before tax should I have enter it without the tax?

So £100 share is correct? I am a bit lost at the moment and cannot afford an accountant at the moment

Thank you for your help

Emmanuelle

In stat account format the P&L of a limited company shows PBT and then the CT figure which is included in the balance sheet under liabilities.

This gives you the P&L c/f forward to include in the balance sheet.

 

[MANUE1970]

Hi,
Do you know a good Accounting Software that I could you on Internet?
Thanks
Emmanuelle

 

[MyAccountantOnline]

Hi,
Do you know a good Accounting Software that I could you on Internet?
Thanks
Emmanuelle

Is that for keeping your records or to produce statutory year end accounts?

 

[MANUE1970]

it is for to statutory year end accounts because I am ok for day to day things...i went on the inland revenue website and I have this software "absolute Accounting Software Ltd" is this ok or do you know a very good one?
Thanks again

 

[hendyphilhendy]

it is for to statutory year end accounts because I am ok for day to day things...i went on the inland revenue website and I have this software "absolute Accounting Software Ltd" is this ok or do you know a very good one?
Thanks again

I use Absolute, it is designed for Accountants. If you pay £1k for the software for one client it would be a waste. You could pay an accountant less than half that if you do most of the work yourself and they could file stat accounts. Have you actually been to get quotes from an accountant?

 

[MyAccountantOnline]

it is for to statutory year end accounts because I am ok for day to day things...i went on the inland revenue website and I have this software "absolute Accounting Software Ltd" is this ok or do you know a very good one?
Thanks again

Most accounts production software for statutory accounts is designed for accountants so you need to know what you are doing to use it.

As Phil says it also truly wouldn't be cost effective for you to buy this sort of software - accountants that buy it are buying it to produce accounts for many clients.

Why not concentrate on getting your records really well kept and accurate and get an accountant to prepare the year end accounts and tax return - you may even find an accountant will save you more than you pay in fees, as well as saving you a huge amount of hassle.

Accountants needn't be and aren't always as expensive as some people think.