Micro Accounts Correcting Deferred Tax

[Amelie89]

Hi,

I am trying to correct my deferred tax on my Corporation tax return with Micro accounts

I have moved 3k of Deferred tax to my profit and loss reserves to correct my accounts when I should have corrected last year but missed the correction

how do I show this in the submission to HMRC?

My options are:

1. show a negative tax in the profit and loss of 3k ,this will then flow through and correct the profit & loss account in the Shareholders funds - Statement of Financial Position

2. Move the value to other reserves in the Capital and reserves part of Statement of Financial Position.

How would you correct this?

Thanks

 

[Scalloway]

I would say 1 is the correct answer.

 

[Energise Accounting]

I am not sure what you are doing. There should be no mention of deferred taxation under FRS105 as it is not allowed.