Corporation tax

UK Discussion in 'General Tax Discussion' started by raddie, Nov 26, 2018.

  1. raddie


    Nov 26, 2018
    Likes Received:

    I am a very keen newbie to the accounts - I have recently started college but intend to become a fully qualified accountant. I know the basics in accounts as I have 'helped' in the family business for a few years.
    I am looking at some accounts with a view to completing a corporation tax return (just for my own learning's) - the accounts have been prepared - I just want to test my knowledge and understanding in completing a return.
    I am looking at the first years accounts - there was Cap ex of second hand equipment of £60K - Sales of £132K for year and an operating loss of circa £90K - there is no tax on loss on ordinary activities in the accounts.
    When completing the CT600 am I right I thinking the following:
    Box 145: £132K
    Box 275: 90K
    Box 780: 90K
    How do I complete the tax calculation on 330 when there is a loss?

    There is no depreciation charged in these accounts for the equipment - I can see this charged in the following years accounts

    It feels for the size of the form that I wouldn't be completing much - I appreciate that the form is there for a variety of sizes of businesses but it feels like I should have to complete more - I maybe wrong because the business is small...

    I would really appreciate advice from the experienced as I learn more - this was not something my tutor at college could help with unfortunately.

    Thanks in advance

    raddie, Nov 26, 2018
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