Corportion Tax Losses Query
I'm sure this is all pretty simple but the old grey matter does not work well at this time of night!
YE 2007 Tax Calcs:
Trading losses £3277 - Utilized £1 2007 & £3276 carried back, losses carried forward = NIL
Corporation tax debtor as at 207 year end £622.44
Profits approx £35k (pending final few "bits and pieces" from client)
Corp Tax Charge for year £7175 (50% profits @ 20% & 50% @ 21%)
What I can't get my head around for love nor money this evening is what happens in 2008 to the £622.44 corporation tax debtor brought forward - in terms of accounts & tax return.
Any help greatly appreciated!