I've been a fool. Last year I attempted to do my own abbreviated accounts. Purely accidentally (ended up paying more tax), I listed my 'cash at bank and in hand' as too much.
The Ltd company has less than £1,000 going in/out per year. I put the 'cash at bank and in hand' , as £146 too much. I paid a small amount of corporation tax.
How do I resolve this, for this accounting year? I am now earning a full-time amount so will get an accountant for the next year!
Do I put a modification on the 2nd years? (the year I am currently filing) Could I just put an expense of £146? Since I have lost myself money, not HMRC - would this be ok do you think? Im not very concerned with having paid slightly too much tax.
As Matt says, you would need to determine the components of the £146. You can do this by ticking up your bank analysis to the bank statements. That will identify the individual transactions that created the discrepancy (it might be just one, or several small payments have been missed, or, it could be that income AND expenses were missed, the net effect of which is £146).
Assuming each item was insignificant, you could then simply account for them in this year. You would need to tell us what you found, in order for us to offer any further guidance.
