Default Where to report Dividends when filing company accounts and tax return

[iandres]

Hi,
I was filling my annual accounts for my Ltd Company (Micro-entity annual accounts) and I have doubts about where to report these two concepts:
- Dividends: should I report Dividends in any box or just as a statement note?
- FRS (not sure if I need to declare any figure regarding this in the Accounts)

I'm not employee of the company so I'm not getting any salary, so my PL and Balance sheet look like this now:

P&L
-Turnover: 20000
-Other income: 3 (bank interest on cash)
-Cost of raw materials and consumables: 0
- Staff cost: 0
- Depreciation an other amounts written off assets: 0
- Other charges: 3500 (I have included here my expenses, travel costs, mobile bills, a monitor, mobile device, etc. Not sure if this had to go under "Cost of raw materials and consumables")
- Tax on profit: 3300 (corporation tax)
Profit: 13200

BALANCE SHEET
- (AC460)Called up share capital not paid: 1
Fixed Assests
- (AC450)Fixed Assets: 0
Current Assets
- (AC455)Current Assets: 16500
- (AC465)Prepayments and accrued income
- (AC458)Creditors: amounts falling due within one year
- (AC60)Net current assets (liabilities): 16500
- (AC62) Total assets less current liabilities: 16501
- (AC64) 2016 Creditors: amounts falling due after more than one year: 3300
- (AC66) 2016 Provision for liabilities
- (AC470) 2016 Accruals and deferred income
- (AC68) 2016 Total net assets (liabilities): 13201
Capital and reserves
- (AC70) 2016 Called up share capital: 1
- (AC74) 2016 Profit and loss account: 13200
- (AC80) 2016 Total shareholders' funds: 13201

Any help will be appreciated, thanks in advance.

Iandres

[Cirrus]

For FRS I assume you mean VAT. This would appear in your creditors if your accounting year doesn't match your VAT periods. Dividends will be shown in P&L somewhere. After Corporation Tax.

[MrMarkyMark]

People who have doubts, are not sure, don't know where to put things etc. usually hire a qualified person to do it for them.

HTH.

[VectraMan]

Any FRS gain is part of your turnover, if that's what you mean.

[Cirrus]

Any FRS gain is part of your turnover, if that's what you mean.

In my accounts there is no FRS line. The 'gain' is simply part of the turnover figure. Turnover is calculated as individual amounts of gross fees inc VAT minus VAT paid. So the turnover is a bit higher than gross fees less VAT charged.

[Darren at Fox-Bartfield]

VAT

People who have doubts, are not sure, don't know where to put things etc. usually hire a qualified person to do it for them.

HTH.

Agree!

If by FRS = VAT, doesn't appear to be a VAT creditor on the balance sheet as well as any dividend adjusted on the profits/reserves.

[Cirrus]

Is this not Accounting/Legal?

People who have doubts, are not sure, don't know where to put things etc. usually hire a qualified person to do it for them.

HTH.

Generally speaking, people pay for information as a last resort. Saying 'don't ask us - pay for somebody' is really a pointless remark, not to say unduly rude.

[MrMarkyMark]

Generally speaking, people pay for information as a last resort. Saying 'don't ask us - pay for somebody' is really a pointless remark, not to say unduly rude.

Not really, its good advice for the OP.
Accounting is a serious matter, the OP said he didn't know about 3 items, what else doesn't he know?
Seeing many on here get into real problems due to trying to do their own accounts has a bearing, just maybe?

As for real pointless remarks you appear to have just made one.

[iandres]

In my accounts there is no FRS line. The 'gain' is simply part of the turnover figure. Turnover is calculated as individual amounts of gross fees inc VAT minus VAT paid. So the turnover is a bit higher than gross fees less VAT charged.

Hi and thanks a lot for your answers,

so yes, FRS is VAT basically, and if I fully understand and taking in account my figures, if my Net turnover (excluding VAT) is 20000, the VAT that I charged was 4000 and the VAT I paid to HMRC was 3480 (calculated based in my 14.5% FRS), then there are 520 pounds that will add up to my net turnover, so in my P&L I should report 20520 as TURNOVER. Does it make sense?

Regarding the dividends I'm still wondering if I had to report them in the Balance Sheet, not sure if as a enclosed note or calculated in the Total Net Assets. Currently I calculated not including the Dividens:

* Total Net Assets = 13201 (1 called up share capital + 20000 turnover - 3500 expeses - 3300 Corporation Tax)

Should it be like this?:

* Total Net Assets = 3201 (1 called up share capital + 20000 turnover - 3500 expeses - 3300 Corporation Tax - 10000 Dividends)

Thanks in advance,
iandres.

[Darren at Fox-Bartfield]

Accounts

Oh where to start..............VAT liability in current liabilities, dividends paid, directors loan, etc.



Your bottom figure of £3201 would be correct but would throw out your balance sheet. Have you not paid out the dividends as yet?

Also, as mentioned before you've no liability for VAT within the current liabilities section. Do you now owe HMRC anything for VAT at the year end? Is it all paid up?

As @NLUK would say, ask an accountant