Hi,
I am the director of a UK limited company (England and Wales) and I am filing the Company Tax return.
I have just submitted the Company accounts and Company Tax return to Companies House and HMRC.
However I have a doubt about the compilation of the Balance sheet now.
The compilation of the MicroEntity Profit and Loss Account led me to calculate the Corporation Tax for that year.
However, during the compilation of the MicroEntity Balance sheet, instead of explicitly mentioning the Corporation Tax as a liability I deducted its value from the Current assets (Bank accounts).
Should I have explicitly mentioned the Corporation Tax as a liability instead?
The calculations appear to be correct, but I am wondering whether I should amend and re-submit the Balance sheet with the Corporation Tax explicitly mentioned as a liability.
The current MicroEntity Profit and Loss Account and MicroEntity Balance sheet are below.
MicroEntity Profit and Loss Account:
60,522 Turnover
(9,783) Staff costs
(269) Depreciation and other amounts written off assets
(693) Other Charges
(9,901) Tax
39,876 Profit or (loss)
MicroEntity Balance sheet:
270 Fixed assets
---
19,706 Cash at bank and in hand
19,706 Total current assets
---
19,706 Net current assets (liabilities)
19,976 Total assets less current liabilities
19,976 Total net assets (liabilities)
---
100 Called up share capital
19,876 Profit and loss account
19,976 Total shareholders funds
Thank you for your consideration,
Paolo
I am the director of a UK limited company (England and Wales) and I am filing the Company Tax return.
I have just submitted the Company accounts and Company Tax return to Companies House and HMRC.
However I have a doubt about the compilation of the Balance sheet now.
The compilation of the MicroEntity Profit and Loss Account led me to calculate the Corporation Tax for that year.
However, during the compilation of the MicroEntity Balance sheet, instead of explicitly mentioning the Corporation Tax as a liability I deducted its value from the Current assets (Bank accounts).
Should I have explicitly mentioned the Corporation Tax as a liability instead?
The calculations appear to be correct, but I am wondering whether I should amend and re-submit the Balance sheet with the Corporation Tax explicitly mentioned as a liability.
The current MicroEntity Profit and Loss Account and MicroEntity Balance sheet are below.
MicroEntity Profit and Loss Account:
60,522 Turnover
(9,783) Staff costs
(269) Depreciation and other amounts written off assets
(693) Other Charges
(9,901) Tax
39,876 Profit or (loss)
MicroEntity Balance sheet:
270 Fixed assets
---
19,706 Cash at bank and in hand
19,706 Total current assets
---
19,706 Net current assets (liabilities)
19,976 Total assets less current liabilities
19,976 Total net assets (liabilities)
---
100 Called up share capital
19,876 Profit and loss account
19,976 Total shareholders funds
Thank you for your consideration,
Paolo