Corporation tax losses brought forward

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JodieR
JodieR Registered Posts: 1,002 Beyond epic contributor 🧙‍♂️
in General accounting discussion
Ltd Co made a loss in the previous year (first year of trading) and the current year. I'm doing the current year's Corporation tax return but I can't see if I need to make an entry in respect of the loss brought forward from the previous year. Am I being blind or does it not need to be entered anywhere?

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  • jamesm96
    jamesm96 Registered Posts: 523
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    So, in the year the loss occurred there should be an entry in (I think) box 122 - Trading losses case I. Then in the year you want to apply for relief I believe the loss goes under 'Deductions and Reliefs' in box 30 - Trading losses of this or a later accounting period under S393A ICTA 1988.
  • JodieR
    JodieR Registered Posts: 1,002 Beyond epic contributor 🧙‍♂️
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    So, if you've got a loss brought forward from a previous year and you're not applying for relief in the current year then there's no need to record it on the return? That's what it seems to be, it's just with capital losses and sole trader losses and rental losses there's usually a box to enter the brought forward and carried forward totals, I just assumed it would be the same for corp tax!
  • Bluewednesday
    Bluewednesday Registered Posts: 1,624 Beyond epic contributor 🧙‍♂️
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    No there isn't anywhere to put it Jodie, I always do a pdf loss schedule and attach it to the return so that they can't deny that they have been informed. Possibly unnecessary but no extra hassle to do! It also means that it doesn't get forgotten about.
  • JodieR
    JodieR Registered Posts: 1,002 Beyond epic contributor 🧙‍♂️
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    thanks very much for clarifying... I'll stop looking for it now!
  • jamesm96
    jamesm96 Registered Posts: 523
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    Bluewednesday wrote: »
    No there isn't anywhere to put it Jodie, I always do a pdf loss schedule and attach it to the return so that they can't deny that they have been informed. Possibly unnecessary but no extra hassle to do! It also means that it doesn't get forgotten about.

    That's a good idea, I like that. So, do you just attach the PDF to the rest of the iXBRL submission? It'd never even occurred to me to try!

    We use Iris though, which is pretty decent at reminding you of losses available to bring forward.
  • Bluewednesday
    Bluewednesday Registered Posts: 1,624 Beyond epic contributor 🧙‍♂️
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    I use PTP which is very similar, I just like the belt and braces approach! Yes you can attach the PDF to the ixbrl submission, it's how they are expecting it

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