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TopUp Tax corporation tax loss problems

Software not doing what I expect given April 17 corporation tax loss relief changes

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Is anyone using Top Up Tax finding it is not dealing with losses as expected?

I am trying to relieve a current year trading loss against current year profit from a small (£100) amount of bank interest and if I put the loss relief in the post 4/17 box the software still calculates corp'n tax as due.  If I say that I've used pre 4/17 losses (ie put loss relief in the b/f losses box) then the tax is zero. Second issue is that a carry back claim against last year's bank interest deducts the loss from pre 4/17 AND post 4/17 c/f losses.

You can never get through on the phone - emails take the best part of a day to get a reply and they have referred both queries to the development team but seem unable to tell me how long it will take to resolve (hours/days/weeks/months? who knows).  Sept 18 accounts need to be filed by 30 June, and sooner actually as client is going on holiday & I am none the wiser when I will hear back.

I'm guessing you get what you pay for...

Just wondered if anyone else had a similar problem - or a solution?

Tracy

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By Matrix
17th Jun 2019 17:44

Where did you put the offset against the current year loss, sorry don’t know the CT600 box, but it is Losses offset against other income and gains under Losses in my software.

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to Matrix
17th Jun 2019 19:02

Thanks for your suggestion. All I seem to be able to do is to allocate to the non-trade loan relationships (ie the interest) from either pre or post 4/17 losses and deduct it from pre/post 4/17 losses c/f. Very frustrating

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By Matrix
to tltodman
17th Jun 2019 19:11

Have you looked up the order of losses? So are losses post 4/17 used before current year losses to offset non-trading income and that is why you can’t use current year losses? But it shouldn’t let you use pre-4/17 losses.

If you use post 4/17 losses b/f then what happens?

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to Matrix
17th Jun 2019 19:26

I have & I'm pretty sure I'm doing it in the right order. I am trying to use current year/post 4/17 losses (it's a 9/18 year end) but tax is still charged. But if I allocate it to pre 4/17 losses (clearly wrong as they can only be used for trading profits) then I get the right result of zero tax. Madness. My conclusion is that there is a software bug but have no idea how long until Absolute bother to look at it or get back to me. And the client needs to sign the accounts this week...Sigh.

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By Matrix
to tltodman
17th Jun 2019 19:34

Get the client to sign the accounts and submit. You still have 3 months to file the CT600 and hopefully the software will be fixed by then.

I have never heard of this software but why not call the number on the Absolute website if it is owned by them?

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to Matrix
17th Jun 2019 19:47

Thanks - yes that is my plan if I get no joy in the next day or two.
The phone is answered by an automated message saying thanks for calling - we're too busy - leave a message (I have, they don't reply) or email (I have, it's painful).
Appreciate your response - thanks. Will grit teeth and carry on. Oh for the days of a pen and paper return and a stamp...

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By frankfx
17th Jun 2019 20:14

Try TAXFILER test drive your own data for free.

http://demo.taxfiler.co.uk/?service=bW9kZT1NYWluLkhvbWU

See if that helps break the Einstein insanity loop.
.

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