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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4983
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I have a new and v basic question re. submitting

Resolved Question:

Hi...I have a new and v basic question for you re. submitting accounts. For the company concerned, last year an operating loss was returned of £1780. In the Profit and Loss account for THIS period, can I make a provision for this? The current profit is showing as £2707.
(screenshot to follow)
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your question.Please send me the screenshot Many thanks
Customer: replied 1 year ago.

Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your reply..Looking back at your CT600 Return for last year, can you send me an image of pageSummary - Trading losses from Computations section.looks like the attachmentI wish to make sure your tax loss was £1,780 Many thanks
Customer: replied 1 year ago.

Hi.... this is for a different company than the one we looked at last. I can't access the CT600 for this company but it was a very straightforward return for that year...v small revenue, some costs, actually costs exceeded revenue by 1780. No admin or diet costs, no salaries, no investments, no depreciation etc.

Expert:  taxadvisor.uk replied 1 year ago.
Simon, thank you for your reply.

Assuming the loss of £1,780 is also the tax loss in that year, then when you make your tax provision for this year you would base it on (2,707-1,780) = £927 x 20% = £185
Box AC34 = 185
Box AC36 = 2,522

You would also show this figure as a creditor in Box AC58.

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

Customer: replied 1 year ago.

Thank you very much. I meant to add, Net current liabilities for the last period were £2930 which were payment of costs by myself on behalf of th company for which I was not yet paid back at the end of the period, but WAS paid back in the current period out of the cash at bank...where is this reflected...just as a lower cash at bank value?

Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your reply and further question.Amounts owing to you in at end of last year would have been reflected inCreditors due within one year AC58.If this amount was repaid in the current year accounts then your bank balance AC54 would have shown a reduction of £2,930 to cover payment and also Creditors AC58 would have gone down by same amount. I hope this is helpful and answers your question.If there are no more issues, I will appreciate if you would kindly rate my service/accept the service I have provided before you leave the site, to ensure I get credited for it by Just Answer.
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Expert:  taxadvisor.uk replied 1 year ago.
I thank you for accepting my answer.

Best wishes.