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Completing CT600 - carrying back a loss

Completing CT600 - carrying back a loss

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....

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By BKD
04th Dec 2012 23:04

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)

Thanks (1)
05th Dec 2012 10:47

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.

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05th Dec 2012 10:47

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.

Thanks (2)
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05th Dec 2012 16:06

So does the total loss go on this yrs CT600?

Brightster wrote:

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.

 

So on the current yrs CT600 do I need to put the TOTAL loss on the form, or do I put zero (i.e. no loss at all) if I've carried it back in full against the prior yr profit?

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06th Dec 2012 09:23

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.  

 

 

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05th Dec 2012 16:44

i think i've just worked it out....

Put a credit in the P&L and a debtor on the balance sheet for tax due....(on the current year accounts, not the prior year accounts that are being adjusted) then add a note to the accounts to explain....will that suffice?

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