Corporation tax looses carried back
Just had a call from HMRC informing me that their staff do not understand figures in brackets which mean a minus i.e. loss.
He suggested the wording on the tax computation should say " trading profit / (loss).
I also did not specify that the losses should be carried back to claim a refund. Have I missed something that is already in the software ?
GeraldW
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Corporation tax losses carried back
From one old greying accountant to another, thanks.
Anyone using VT software, or better still VT themselves, know the answer ?
Group: VT Software discussion group
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What software?
Are you using HMRC software or your own?
Fair comment on the losses, if you don't tell them to carry back how will they know?
EDIT: sorry, just seen this is in a VT discussion group, wasn't aware I had joined that, rather answers my question!
Still, in IRIS we have to put the losses in a carry back box. We then drop the losees and tax already paid in the prior year and run an amended CT600 and submit to reclaim the loss. If you are going back earlier under the temporary 3 year rule you will have to write in to claim the losses.