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Post Info TOPIC: Corporation Tax question!!


Newbie

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Corporation Tax question!!


Good Morning, hoping I can get an answer to my question with completing a CT return. If the company made a loss last tax year and a profit this tax year, how do I report it on the tax return? At the moment, with the way I'm doing it, it looks like the company has completely recovered the loss and made a profit, when realistically this years profit should still have the company in an overall negative loss, but not so much of a loss.. hope that makes sense.. Any advice would be gratefully received. I'm tearing my hair out here!disbeliefno



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Master Book-keeper

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HeidiBoo75 wrote:

Good Morning, hoping I can get an answer to my question with completing a CT return. If the company made a loss last tax year and a profit this tax year, how do I report it on the tax return? At the moment, with the way I'm doing it, it looks like the company has completely recovered the loss and made a profit, when realistically this years profit should still have the company in an overall negative loss, but not so much of a loss.. hope that makes sense.. Any advice would be gratefully received. I'm tearing my hair out here!disbeliefno


No not really.

What software are you using? Plus what exactly are you trying to do via the software - the Accounts, or a CT return or both?



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Joanne McCormick

Fallows Hall Ltd

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.



Master Book-keeper

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Ee Joanne, it made sense to mebiggrin Looks like Heidi (love that name) hasn't put last years loss into the CT600 software to eliminate the taxable profit for this year.

eg The Company made a loss last year of 100k, and this year has made a profit of 50k, so the overall position is 50k loss, but Heidi's software is showing 50k profit.



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John

Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.



Master Book-keeper

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Leger wrote:


Ee Joanne, it made sense to me Looks like Heidi (love that name) hasn't put last years loss into the CT600 software to eliminate the taxable profit for this year.

eg The Company made a loss last year of 100k, and this year has made a profit of 50k, so the overall position is 50k loss, but Heidi's software is showing 50k profit.


I was making a point!

Calm down, breath, make a brew, take a step back, state your problem clearly.

Although - if she is using HMRC software then the point I made in the question remains pertinent. Especially with no intro forthcoming (you know what Im saying John!)

Perhaps now is a good time to ask for the full usual intro - we always ask newbies. Usual stuff - what prof body do you belong to, do you work for yourself or in a practice/ firm, are you a bookkeeper or accountant, what qualifications, how long in role, where up to in your studies-what exams passed/with what body/in midst of doing, where based, what you did before this role? That sort of thing. Helps get to know you but also how best to pitch answers.

Also - when asking for a technical response then its always best to add the type and version of the software.

Also - pls add your first name so that it appears under the signature bar on your posts via Edit profile --->signatures

edited to sort the weird formatting! (well that didnt work!)



-- Edited by Cheshire on Wednesday 25th of April 2018 11:06:54 AM

__________________

Joanne McCormick

Fallows Hall Ltd

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.



Master Book-keeper

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Posts: 2524
Date:

Cheshire wrote:

Leger wrote:


Ee Joanne, it made sense to me Looks like Heidi (love that name) hasn't put last years loss into the CT600 software to eliminate the taxable profit for this year.

eg The Company made a loss last year of 100k, and this year has made a profit of 50k, so the overall position is 50k loss, but Heidi's software is showing 50k profit.


I was making a point!


Ooops sorry. You put me off by not asking for the usual intro lol.



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John

Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.



Newbie

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Forgive me, I shouldve introduced myself properly! My name is Heidi, I don't have any formal qualifications as such, I have a few certificates in computer accounting (Sage), but I'm not a proper accountant and am not part of any 'Body' I do look after the books of the company but I'm by no means an expert, quite the opposite so please be kind to me

I am completing a Corporation Tax return for my Husbands joinery company. Last year I used the free software provided through the HMRC dashboard, but this year the company didnt meet the criteria to use it so I purchased the Andica CT600 Corporation Tax software package to complete it. This is being used to submit the full accounts and computations.

Joanne has hit the nail on the head with regards to my plea and Im very much hoping you can advise me how to retify this problem so that my figures tally correctly.

Many Thanks and apolgies once again.




-----------------

Heidi


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Master Book-keeper

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Posts: 6899
Date:

HeidiBoo75 wrote:

Forgive me, I shouldve introduced myself properly! My name is Heidi, I don't have any formal qualifications as such, I have a few certificates in computer accounting (Sage), but I'm not a proper accountant and am not part of any 'Body' I do look after the books of the company but I'm by no means an expert, quite the opposite so please be kind to me

I am completing a Corporation Tax return for my Husbands joinery company. Last year I used the free software provided through the HMRC dashboard, but this year the company didnt meet the criteria to use it so I purchased the Andica CT600 Corporation Tax software package to complete it. This is being used to submit the full accounts and computations.

Joanne has hit the nail on the head with regards to my plea and Im very much hoping you can advise me how to retify this problem so that my figures tally correctly.

Many Thanks and apolgies once again.




-----------------

Heidi


Hi Heidi

Unfortunately we cannot help you further as this forum/website is for professional bookkeepers as opposed to business owners (or business owners wives doing the bookswink). The only thing we can suggest is that you get a a suitably qualified Accountant - as in your position, you dont know what you dont know, it takes many years of training to be conversant with tax and Accountancy regulations, so I suspect you are likely missing out on opportunities and you could actually save yourself a fortune by doing so.

But, given you are this far, two years in and havent done so, the only other thing I can suggest is you read John's post again - there is a massive hint in there.

Failing that - speak to Andica's help desk and they should point you in the right direction.



__________________

Joanne McCormick

Fallows Hall Ltd

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.



Master Book-keeper

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Posts: 6899
Date:

Why is BKN formatting all over the place? Weird weird, just plain weird!!!!!!!!



__________________

Joanne McCormick

Fallows Hall Ltd

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.



Newbie

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Posts: 3
Date:

ok I'm a little confused, I did read the forum rules before I posted and cant see why I can't post here for help? I may not be a qualified accountant, but I am employed as a book keeper, not just 'The Wife of a business owner'. Many Thanks anyway

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Master Book-keeper

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Posts: 6899
Date:

So you have other clients? You only mentioned one - that of your husband hence any confusion. Who is your ML cover with, given you are not a member of any prof body? You are into Accountancy territory with the CT600 rather than bookkeeping which stops at Trial Balance.

__________________

Joanne McCormick

Fallows Hall Ltd

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

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