Blogger
Share this content
0
2
1827

HMRC Corporation Tax - Carry Back Losses

Hi,

I have been running a company for just over 2 years, and am ready to submit my second Corporation Tax return to HMRC.

The first year (y/e 2008) we made a healthy profit (let's say around 10,000 chargeable to CT). This equated to around 2,000 payable to HMRC). This year's accounts aren't so happy - I think we will stand to make a trading loss in the region of 6,000.

As I understand it, I should be able to carry back these losses against last year's profit, but I'm not clear on how to present this with the CT600 form. Should I just include a covering letter with the calculations?

Thanks,
Thom

Replies

Please login or register to join the discussion.

avatar
09th Sep 2009 13:43

Re: losses

Hi Thom

You will need to complete the 2008 and 2009 CT600 forms for submission. The 2009 return is completed as normal but you should fill in boxes 30 and 31 of the CT600 for 2008. You must ensure that you have recalculated the tax liability for the 2008 period and include the amounts previously paid and the repayment due.

 

Thanks (0)
avatar
09th Sep 2009 14:51

holywood

Great - that makes sense. Thanks for you help.

Thanks (0)