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Adjustment to profit for CT600

Adjustment to profit for CT600

Hi there,

Have tried all over the find the answer to this.

We have a normal trading company providing goods and services to other businesses.  I am preparing accounts and CT600 for the year end.  For the year in question, amounts written off investments (Stock Exchange listed shares falling in value) have caused the company to go into a loss. 

I called HMRC and was advised that losses thus caused are treated normally and you can carry them back a year.  However looking at last year's computation the accountants added back to profit the amounts written off investments in that year.  So.. I'm not sure which is correct.

I have put another call in to HMRC to check the situation but they are saying it will be three days to call back :((

If anyone is able to advise it would be very much appreciated!

Thanks 

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By BKD
21st Dec 2012 15:56

I think ...

.... that HMRC person has been at the Christmas sherry already.

It really is unacceptable that a taxpayer is not able to rely on HMRC to provide correct advice on what is a relatively straightforward issue. However, we are where we are, and you would be well-advised to pay for the services of a professional tax adviser.

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27th Dec 2012 17:47

investment revaluation

Debit or credit investments, depending on market value movements, and cr or dr revaluation reserve. Losses not tax-deductible, as you will see from last year’s computation.

BKD you are quite right, but I must clock in some CPD before the year-end.

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By dinamic
27th Dec 2012 21:23

Thanks BKD and Novakova

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