My client has made a £5k loss for his 2011/12 AP.
I want to carry this loss back against his 2010/11 profits of £12000
I understand what I need to do in theory, but I can't seem to work out how to complete CT600 - I have put zero in box 3 (no profit), and have put the total loss in box 30 and box 122, but I have no idea where or how to show i'm carrying back the loss against last years profit.....have read and re-read HMRC guidance and can't make head nor tail of it.
sorry - probs a very simple question but have never done a carry back before....
Replies (6)
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Wrong box/year
Current CT600 does not show the carry-back. Your supprting computation should show the claim. If in time (which you ought to be) you should amend the prior year return - including the carry-back in box 30 of that return (with an X in box 31)
I was similarly confused!
Until I realised that you have to re-submit the 2011 CT600 showing the repayment due.
Actually, pretty simple now with electronic submission.
Loss carry back
Although you can amend the prior year's CT600, there is no requirement to. The computation for the loss making period will show the amount of loss being carried back and you should also ensure the box "A repayment is due for an earlier period" on the front of the later year Return is ticked.
This will then get picked up by HMRC when they receive the later Return and they will 'amend' the prior year and issue the repayment. In my experience, this is usually done within a week of filing the later Return.
CT600 entries
On this year's CT600, you enter the total loss arising in the year on Page 7. Which specific box will depend on what type of income the company receives and which income stream has generated the loss.