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This screen allows you to review and amend losses from Trade, Loan Relationships and Other Losses for relevant corporation tax accounting periods (CTAP).
To access this screen, select Edit | and click Losses
Tax already paid and not re-paid - use this field to enter any corporation tax already paid this return period.
Where multiple trades exist, the
losses for each trade are accessed via the Edit
Multiple Trade Losses option.
In order to allocate any amount as
Less Surrender to Group Relief select the
Edit option.
Any amount(s) entered for the company total amounts in the main Corporation
Tax Losses data screen.
Brought Forward - when you first use a client in Business Tax, you must enter the loss brought forward (including unrelieved trade changes) in this field. In future years, Business Tax completes this field when you run Bring Forward. Business Tax sets the loss brought forward against the Trade profit. Any un-utilised is carried forward.
The losses brought forward figure is automatically generated by the
system when the brought forward routine is run in Business Tax.
Less Utilised against Trading Income - Business Tax automatically completes this field. The value shown here is also shown in box 4 on the CT600 version 2 and box 160 on the CT600 version 3.
Less Utilised against Investment Income- under certain circumstances trading losses brought forward may be set against investment income in the period. The amount entered here is entered in box 19 on the CT600 version 2 and box 225 on the CT600 version 3.
Losses arising in the CTAP - displays the trading loses arising in the CTAP. This figure is automatically generated by Business Tax.
Brought Back - where you are bringing back a trading loss made in a future period and utilising it in the current period, enter the amount of the loss allowable for set off in this field.
Less Utilised against total profits - the losses utilised against total profits value is automatically generated by Business Tax and is used to complete box 30 on the CT600 version 2 and box 235 on the CT600 version 3.
The tick box can be unticked to prevent Business Tax utilising any current
period trading losses against total profits under S393A(1)(a) ICTA 1988.
Less Loss Carried Back - where you carry back a loss made in the current period to previous years, enter the carry back amount in this field.
Less Surrendered to Group - select Edit to access the Groups and Consortium (CT600C) data screen to complete the Surrender as Group Relief tab. Business Tax checks to ensure the amount is valid.
The amount entered in the Trading Losses field of the Allocation table
will be copied to this field.
Amount to Carry Forward - enter any trading losses that should not be included in the Amount to carry forward field. Where the trade has ceased in the CTAP this field will be completed automatically.
For accounting periods starting or straddling 01/04/17 trading losses are split between losses arising pre and post 01/04/17 this is to accommodate for the changes announced in the budget 2016. Pre and post 01/04/17 losses are accessed via Edit within the losses screen.
Deficits for period - Business Tax automatically calculates the amount of deficit arising in the period.
Less Group Relief - select Data Entry | Groups and Consortium (CT600C) and complete the Surrender as Group Relief tab. Business Tax checks to ensure the amount is valid. The amount entered in the Non-trading deficit on loan relationships field of the Allocation table will be copied to this field.
Less Utilised - select this option and enter an amount in the box to restrict the amount of deficit in the period that is utilised.
Less Carried Back - enter any deficit to be carried back in this field.
Brought Back - to bring back a deficit made in a future period and utilised it in the current period, enter the amount of the deficit allowable for set off in this field. This amount will be utilised after trade losses brought forward, trade charges on income, loss relief under S393A and after any current period deficit. The deficit will be netted off against profits on non-trade relationships in box 6/170. Box 7/172 will be ticked automatically.
Brought Forward - when you first use a client in Business Tax, you must enter the non-trade deficits brought forward in this field. In future years, Business tax completes this field for you when you run Bring forward.
In the Return and corporation tax computation, the deficit is entered in box 20 and set against non-trading profits (including chargeable gains). Un-utilised deficits are carried forward.
Amount to Carry Forward - deficits carried forward are calculated automatically and cannot be overwritten.
The program adjusts this field for any other changes made. For example, if the amount entered in the c/back field is altered, then the amount in the c/fwd field is automatically adjusted.
For accounting periods starting or straddling 01/04/17 loan relationship deficits are split between deficits arising pre and post 01/04/17 this is to accommodate for the changes announced in the budget 2016. Pre and post 01/04/17 deficits are accessed via Edit within the losses screen.
Property Losses
Brought Forward - when you first use a client in Business Tax, you must enter any losses brought forward in this field. In future years, Business Tax completes this field when you Bring forward.
In the Return and corporation tax computation, the loss brought forward is added to any Property loss for this period and utilised against total profits for the period in box 26/250. The un-utilised amount is carried forward.
Less Surrendered to Group - select Data Entry | Groups and Consortium (CT600C) and complete the Surrender as Group Relief tab. Business Tax checks to ensure the amount is valid. The amount entered in the Excess of Property losses over profits field of the Allocation table will be copied to this field.
Carried Forward - Losses to be carried forward are calculated automatically by the program and cannot be overwritten. This field is adjusted for any other changes you make.
For accounting periods starting or straddling 01/04/17 property losses are split between losses arising pre and post 01/04/17 this is to accommodate for the changes announced in the budget 2016. Pre and post 01/04/17 losses are accessed via Edit within the losses screen.
Other Losses
Brought Forward - if there are any Other losses brought forward, these may be entered here. These losses are set against Other income in box 14/250 as far as possible. Any excess is carried forward to the next accounting period.