corporation tax returns

monkey8

I am currently filing my corporation tax returns myself but i am unsure of the following entry.
Balance of directors current and loan account positive €
negative €

what is this related to?

I always got my accountant to do this but i simply cannot afford it this year. Its the only entry i'm stuck on.
any help would be greatly appreciated.

ants09

monkey8 wrote: »

I am currently filing my corporation tax returns myself but i am unsure of the following entry.
Balance of directors current and loan account positive €
negative €

what is this related to?

I always got my accountant to do this but i simply cannot afford it this year. Its the only entry i'm stuck on.
any help would be greatly appreciated.

This relates to the balance one the directors current account

You really need to get last years ct1 form also and have a look at the way it is done

monkey8

ants09 wrote: »

monkey8 wrote: »

I am currently filing my corporation tax returns myself but i am unsure of the following entry.
Balance of directors current and loan account positive €
negative €

what is this related to?

I always got my accountant to do this but i simply cannot afford it this year. Its the only entry i'm stuck on.
any help would be greatly appreciated.

This relates to the balance one the directors current account

You really need to get last years ct1 form also and have a look at the way it is done

Thanks ants, thought it was odd that they would look for balance of directors personal bank account.
Does it matter which director?

barneystinson

monkey8 wrote: »

Thanks ants, thought it was odd that they would look for balance of directors personal bank account.
Does it matter which director?

(Oh God, oh God, oh God! - I don't mean to be patronising, but it's very stressful to see someone asking questions like these... you say you can't afford an accountant, but given the kind of expensive mess you can make of things, the question should be can you afford not to have an accountant.)

Have you got a set of proper accounts done for the company, to base the CT1 figures on, or where are you pulling the numbers from?

The CT1 panel you are talking about refers to the balance of money that either the company owes the director (negative, as the director is a creditor), or the director owes the company (positive, as the director is a debtor)...

Like say for example, the company isn't going well so you put 10k in from your personal savings, to buy stock or whatever. This will be owed to you until you take it back out.

So, to answer your previous question, it has nothing whatsoever to do with the directors personal bank accounts.

neverwasser

A friend of mine was in a similar situation last year where he couldn't afford an accountant and thought he could do the REVENUE forms by himself. He made a balls of it and as a result ended up with a revenue audit which cost him more in interest and penalties as well as accountants fees when he had to find an accountant. The tax office is now targetting businesses that do not have accountants and know that fcuk ups are being made. There is a reason that it takes 3 years to get your qualifying experience and in that time you will learn how to fill in these returns.

If I were you I would find some one who works in practice and ask them for a favour, maybe what you do for a living might be of benefit to them.