help needed for Depreciation & VAT yr accounts

[Danbro]

Danbro Accounting Ltd

If css_jay99 sold the laptop to his company then the laptop is second hand. Can you really claim FYA on second hand capital items? I thought it was only new capital equipment you could claim FYA on.

Hi Robot,

Sorry missed the point about this being his own laptop to his company, you are correct that you cannot claim first year allowances as they are connected persons, this is covered under Capital Allowance act 2001 section 217.

Just WDA's should be claimed for the laptop at 25% for the year to 31/12/07

Thanks
Neil

[malvolio]

Hi,

I really don't mind answering any questions really, I try not to post whilst working as I am busy enough but I suppose I feel I am helping people with answers they feel is easily obtained on this forum.

Thanks
Neil

Don't get me wrong, I'm all for professionals helping out our unqualified co-freres with their problems and I'm not in any way saying you shouldn't.

But wearing the "educating the newbie contractor" hat on that I seem to have acquired over the years, it was a useful example of why "doing the accounts" is a far from simple exercise, and professional help is not about how much a year you pay, it's about how much a year it saves.

[css_jay99]

Let me know if this hasn't answered your question

Thanks very much, it answers my question

Don't get me wrong, I'm all for professionals helping out our unqualified co-freres with their problems and I'm not in any way saying you shouldn't.

But wearing the "educating the newbie contractor" hat on that I seem to have acquired over the years, it was a useful example of why "doing the accounts" is a far from simple exercise, and professional help is not about how much a year you pay, it's about how much a year it saves.

You guys make the forum the place to be with all your answers. getting similar answers off my accountant will leave me with the need for fast acting pain killers expecially when he takes 1/2 hour to answer a simple question that can be said in a few words. my accountant for instance knows nothing about the discount 13% on flat rate scheme; beign that he only deals with (big) companies.

Just WDA's should be claimed for the laptop at 25% for the year to 31/12/07

got that as well now


cheers Guys, I can now finish off my tax return.



css_jay99

[css_jay99]

with the tax return,

Do I have to send in a Balance sheet as well ? or will the following be OK? :-
1) P&L
2) CA computation - schedule of Fixed assets showing CA/WDA charges for the year
3) Tax computation - using the maginal relief calculator on HMRC web

Final day is tomorrow

css_jay99

[Danbro]

Danbro Accounting Ltd

with the tax return,

Do I have to send in a Balance sheet as well ? or will the following be OK? :-
1) P&L
2) CA computation - schedule of Fixed assets showing CA/WDA charges for the year
3) Tax computation - using the maginal relief calculator on HMRC web

Final day is tomorrow

css_jay99

HI,

I would suggest sending in a balance sheet, not quite sure on HMRC's requirement as I have always sent a full set of accounts, they like to see balance sheets on small sole traders so I would definately suggest sending a balance sheet.

Balance sheet

Fixed Assets
Current Assets
Current liabilities

Net assets X

Represented by
Retained profits
Share capital

The top and bottom of the balance sheet needs to balance!!

Then send that in with the P&L, and tax computations, don't forget you will need to complete a CT600, the short version will probably be applicable for you, really its the CT600 they want the most

Thanks
Neil

Thanks

Neil

[css_jay99]

cheers,

Its going to be hard job finishing off the balance sheet as I am having to reconcile my sage accounts with my Excel version and the bank. Good news is that I found a raised invoice that has not been paid from last year

Do I need to put the tax amount as a creditor in the BS ?. I did that for my 2006 accounts but not sure

looks like its going to be a sleepless night for me

css_jay99

[Danbro]

Danbro

cheers,

Its going to be hard job finishing off the balance sheet as I am having to reconcile my sage accounts with my Excel version and the bank. Good news is that I found a raised invoice that has not been paid from last year

Do I need to put the tax amount as a creditor in the BS ?. I did that for my 2006 accounts but not sure

looks like its going to be a sleepless night for me

css_jay99

Hi,

Yes the corporation tax will be a creditor in your accounts at your y/end date

Thanks
Neil

[css_jay99]

Hi,

Yes the corporation tax will be a creditor in your accounts at your y/end date

Thanks
Neil

Cheers,

Called HMRC this morning asking if I could get an extention till next week so i can sort my balance sheet out and then add that to my computation. The lady was a right old battle axe saying no deal........

I thought it was possible to get an extention (says so in Guide)?

If the answer is no, should I:-
1) Submit 1 week late and bear the £100 late fee
2) Submit now with all computations, P&L BUT no BalanceSheet - whats the implication of this?


css_jay99

[Robot]

Cheers,

Called HMRC this morning asking if I could get an extention till next week so i can sort my balance sheet out and then add that to my computation. The lady was a right old battle axe saying no deal........

I thought it was possible to get an extention (says so in Guide)?

If the answer is no, should I:-
1) Submit 1 week late and bear the £100 late fee
2) Submit now with all computations, P&L BUT no BalanceSheet - whats the implication of this?


css_jay99

css_jay99

£100 for late submission of CT600 (could be more if this is late for a second time)
£100 late filing penalty from Companies House (I presume you haven't submitted the accounts if haven't finished off the accounts for HMRC)
Interest is accruing on the corporation tax payable.


No doubt very soon you will be back asking if the fines / interest payable are allowable in the tax comps…

[css_jay99]

css_jay99

£100 for late submission of CT600 (could be more if this is late for a second time)
£100 late filing penalty from Companies House (I presume you haven't submitted the accounts if haven't finished off the accounts for HMRC)
Interest is accruing on the corporation tax payable.


No doubt very soon you will be back asking if the fines / interest payable are allowable in the tax comps…

The filling date is end of today, surely I cant get charged for corp tax yet since thats only due 9months after year end?

you read my mind about if fines... are allowable , are they ?

Still though, should i just submit what i have for now and is it sufficient to stop the £100 penalty. Further what happens if my balancesheet is slighly off the mark should I submit it now as well?

css_jay99