Hi
I have prepared the annual accounts for a small organisation with a turnover of £160k. However, corporation tax is not my forte! They had pre tax profits of £6,000 and had invested £2500 in new fixtures and fittings, which I have written off under aia reducing the tax to £3,500. They lease a heating system of which capital repayments came to £3,800 and interest payments of £600, which I have again written off against the ct as it's an expense solely for the use of the organisation in my eyes anyway. So that's all the PCTCT gone I believe! I could go down the wda route as there are other assets not yet fully written down. My question is - does that sound correct?! Also, now the Pctct is used up or in fact now negative, do I just leave it at nil or carry forward the loss to the next year (not so competent in this part!!)
Any help would be very much appreciated!!
Thanks
Julia
I have prepared the annual accounts for a small organisation with a turnover of £160k. However, corporation tax is not my forte! They had pre tax profits of £6,000 and had invested £2500 in new fixtures and fittings, which I have written off under aia reducing the tax to £3,500. They lease a heating system of which capital repayments came to £3,800 and interest payments of £600, which I have again written off against the ct as it's an expense solely for the use of the organisation in my eyes anyway. So that's all the PCTCT gone I believe! I could go down the wda route as there are other assets not yet fully written down. My question is - does that sound correct?! Also, now the Pctct is used up or in fact now negative, do I just leave it at nil or carry forward the loss to the next year (not so competent in this part!!)
Any help would be very much appreciated!!
Thanks
Julia