Corporation Tax CT600 Online

[paul50]

Hi, I'm trying to complete my online corporation tax using a ct600 form. I'm using the figures from the profit and loss sheet to provide the information its requesting which are, turnover, cost of sales, distribution costs and administrative expenses. After putting the figures in it says the balance sheet does not tally. Shareholders funds must equal the total net assets. (liabilities). Please check your figures and correct your entries as necessary.

For the turnover, I've used the figures from the profit and loss that says product sales. Cost of sales are from the same sheet and made up of gross wages and motor expenses. Distribution costs are made up with miscellaneous expenses and administrative expenses are made up of rent and rates, travelling, printing and stationery, professional fees and general expenses. It automatically calculates the following, gross profit or loss, operating profit or loss, profit and loss on ordinary activities before taxation, profit and loss for the financial year and net balance for the financial period transferred to reserves. I do not receive any other income or interest so the other boxes are left empty. I really could do with some help. My filling date is the 28/2/2014. I will be grateful for any assistance.

Thank you
Paul

[BigRed]

My accountant does mine.

[northernladuk]

How on earth are we supposed to help with your figures on a public forum? Get an accountant and stop being tight.

[xoggoth]

Have you entered last years' profit? Not got CT600 in front of me but the only figure from the profit and loss account that's relevant is the retained profit carried forward. Add in the share capital value of the company, should equal the total net assets (ie bottom figure) from balance sheet.

Profit and Loss Account
Retained profit for the year X
Retained profit from previous years Y
Retained profit carried forward X+Y

Balance sheet
Called up share capital 2
From profit and loss account X+Y

Balance sheet total
Total net assets (liabilities): X+Y+2

[TheCyclingProgrammer]

And this is why I pay an accountant to do my accounts/CT600 each year, even though I'm happy to do my own bookkeeping/day-to-day admin...

[VectraMan]

Yep. It's well worth spending £1000 a year to save yourself half an hour filling out a form.

It's probably the share capital. That's the bit I've got wrong before, and it's fairly obvious because it's out by £2.