Corporation Tax Form CT600

[happydays1]

ok will check it out - cheers for all your help also - much appreciated.

If you need any help with IFRS give me a shout!!

[Clare@InTouch]

One other quick query on CH abbreviated accounts:

In order to reconcile the balance sheet where shareholders funds equal total net assets / liabilities

For total assets less current liabilities i have say £3k (cash in bank no other assets) and say total profit is £7k ..............could i put the difference of £4k under provisions for liabilities & charges.......as im not sure how i can get it too balance otherwise??

Thanks

No. The accounts you prepare must balance and you cannot simply write off any balance - if you've prepared them in statutory format then you're just copying the Balance Sheet onto the CH form.

If your profit was £7,000 and your bank balance is £3,000 then there must be something you've not considered. Dividends? Creditors? CT?

[happydays1]

Ok I will do the full accounts first then thyat should give me the answer - cheers

[Nixon Williams]

From reading this thread can I suggest you appoint an accountant?

We have just taken on a client who had done her own "accounts" for 7 years, she is now paying us to go back and correct her work.

Sadly, Companies House seem to accept anything for accounts, they do not even have to balance!

If you are not sure what you are doing, a good accountant can help and save you money.

[rmmc]

What you did 8 years ago was not down to your current business, and the fact that it was so long ago means you would have no chance of arguing with HMRC that it was incurred for the purposes of the current trade.

Even if the expense meets all the conditions Clare mentioned, there are other two factors which prevents this expenses being allowable for the tax purpose.