Carryback Company's Current year loss

Carryback Company's Current year loss

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Hi

I will really appreciate if someone help me.

How can we carry back current year company losses.

A very small company made profit in last year  from 01.04.2012 to 31.03.2013 and tax payable say was around £5000 but company only paid £1000

Now during 2013/14 its net loss is around £20,000 and it has ceased trading since 31/03/2014

How can we carry back this loss? and how can we show this loss to be carried back against the profits of last year in this year' CT return.

Thanks in advance.

Regards

Replies (6)

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By johngroganjga
26th Sep 2014 05:29

By completing the relevant section on the return
As soon as you look at the return I am sure the loss section will leap out at you.

You must also remember to tick the box on the first page to the effect that a repayment is due from an earlier period.

Thanks (1)
Replying to Tim Vane:
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By sukuho
26th Sep 2014 10:57

Thanks John

Yes i managed to tick repayment is due from an earlier period. Although I also ticked one column for the loss relief but I will really appreciate if you please let me know that which column(s) am i supposed to tick for the loss relief. Thanks

Thanks (0)
By johngroganjga
26th Sep 2014 11:08

It's not about ticking a column for loss relief. It's about showing the amount of the loss you want to carry back in the box provided for that purpose.  I am not sure why you are having difficulty finding that box.  Why don't you just go through the form until you find it?

Thanks (1)
Replying to dansm:
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By sukuho
26th Sep 2014 11:34

Thanks for your response.

I entered the loss amount in the relevant column.  I am using taxcalc for the return and after studying guidelines for the loss treatment my concern is that Am i suppose to incorporate current year loss in last year tax return and re submit it? Please

Thanks (0)
By johngroganjga
26th Sep 2014 11:37

No you don't need to re-do last year's return.  As long as you have ticked the box to say that a repayment is due from a previous year HMRC will re-do the figures for you.

Thanks (1)
Replying to WhichTyler:
Red Leader
By Red Leader
24th Nov 2014 16:26

true but

johngroganjga wrote:

No you don't need to re-do last year's return.  As long as you have ticked the box to say that a repayment is due from a previous year HMRC will re-do the figures for you.

I used to do that but now I submit an amended CT600 showing the the loss b/back.

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