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TEAP007
TEAP007, Tax Preparer
Category: UK Tax
Satisfied Customers: 760
Experience:  Fully Trained Inspector of Taxes / District Inspector/ Team Leader/ Offshore Consultant/ 41 years
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Is there a template to submit a UK - Corporation Tax comp

Resolved Question:

Is there a template to submit a UK - Corporation Tax computation
Submitted: 5 years ago.
Category: UK Tax
Expert:  TEAP007 replied 5 years ago.
<p>Basically the computation will follow the lines of </p><p><strong><u>Case 1 Sch D</u></strong> </p><p>Net Profit per accounts   £x</p><p> </p><p>Add</p><p>Disallowable Items</p><p>e.g. Depreciation</p><p>Loss on sale etc</p><p> </p><p>Deduct </p><p>Non trading income</p><p>e.g. Interest Sch A etc</p><p> </p><p>Capital Allowances</p><p> </p><p>Net case 1 Sch D              £y</p><p> </p><p>Case 111 Sch D</p><p>Loan relationships etc        £a</p><p> </p><p>Case 1V on etc                   £b</p><p> </p><p>Total Chargeable profits </p><p> </p><p>Which you then transfer on to the CT600 to allocate to the financial years and tax charges</p><p> </p><p>Remember also to look out for other tax liabilities e.g. S419 - Tax on loans or advances to shareholders/participators with material shareholding </p><p> </p><p>I hope that this help you and thanks for your question</p><p> </p><p> </p>
Customer: replied 5 years ago.

I can not read the reply -- it is full of Special Characters - ie Less than, Greater than and backslashes therefore it is illegable.

 

My question refers to reported a loss in current year, the answer seems to be above reporting a profit

 

So it is UNREADABLE, and does not cover the situation that information was requested on

Expert:  TEAP007 replied 5 years ago.
<p>please see the spreadsheet below and I hope that it comes out readable on your PC.</p><p> </p><p>If not I will opt out and leave it for somebody else to respond
<br />
<br />               
<br />Trading Profit/Loss               
<br />Net Profit (- Loss ) per accounts     .     .     -£50,000
<br />Add Disallowables e.g.     .     .     .
<br />Depreciation     .     25000     .
<br />Loss on Sale of Assets      .     3890     .
<br />     .     .     .
<br />Balancing charges     .     1000     .
<br />Subtotal     .     29890     29890
<br />     .     .     .
<br />Deduct Non Taxables etc     .     .     .
<br />Capital Allowances     .     35000     .
<br />Property Rental     .     12000     .
<br />Loan relationships     .     1500     .
<br />     .     .     .
<br />     .     48500     48500
<br />Net case 1 Sch D     .     .     -£68,610
<br />     .     .     .
<br />Loan relationships     .     1500     .
<br />     .     .     .
<br />Property rentals     .     12000     .
<br />     .     .     .
<br />Chargeable gains etc     .     34000     .
<br />               47500
<br />Chargeable Profits               Nil
<br />               
<br />Losses available to carry forward or back etc               -£21,110
<br />
Expert:  TEAP007 replied 5 years ago.
<br />Trading Profit/Loss <br />Net Profit (- Loss ) per accounts . .                        -£50,000<br />Add Disallowables e.g. . . .<br />Depreciation .                         25000 .<br />Loss on Sale of Assets .          3890 .<br />. . .<br />Balancing charges .                 1000 .<br />Subtotal .                                 29890       29890<br />. . .<br />Deduct Non Taxables etc . . .<br />Capital Allowances .               35000 .<br />Property Rental .                    12000 .<br />Loan relationships .                  1500 .<br />. . .<br />.                    &nb sp;                          48500       48500<br />Net case 1 Sch D . .           & nbsp;                                  -£68,610<br />. . .<br />Loan relationships .                                    1500 .<br />. . .<br />Property rentals .                                      12000 .<br />. . .<br />Chargeable gains etc .                             34000 .<br />              ;                                                                     47,500<br />Chargeable Profits          &nbs p;                                              Nil<br /><br />Losses available to carry forward or back etc      -£21,110
Expert:  TEAP007 replied 5 years ago.
Example computation
This is an example computation involving a company that has one associate from which it receives £50,000 group relief.

Example Company Ltd
£ £
Schedule A (UK land)   100,000
Schedule D     
   — Case I (UK trade) 200,000   
   — Case I losses brought forward 1 (100,000) 100,000
   — Case III (loan relationships, derivatives, financial instruments)   100,000
   — Case V (overseas)   300,000
   — Case VI (other annual profits)   10,000
Chargeable gains (capital gains) 150,000   
Allowable (capital) losses brought forward (50,000) 100,000
    Less: Non-trading debits brought forward ²   (50,000)
    Less: Management expense deduction ³   (20,000)
    Less: Charges (donations to UK charities)   (10,000)
    Less: Group relief accepted   (50,000)
Profits chargeable to corporation tax   580,000
Tax @ 30%   174,000
    Less: Marginal relief 4   (46,750)
    Less: Double tax relief 5   (30,000)
Tax liability for the period   97,250
Expert:  TEAP007 replied 5 years ago.
Example computation
This is an example computation involving a company that has one associate from which it receives £50,000 group relief.

Example Company Ltd
£ £
Schedule A (UK land)   100,000
Schedule D     
   — Case I (UK trade) 200,000   
   — Case I losses brought forward 1 (100,000) 100,000
   — Case III (loan relationships, derivatives, financial instruments)   100,000
   — Case V (overseas)   300,000
   — Case VI (other annual profits)   10,000
Chargeable gains (capital gains) 150,000   
Allowable (capital) losses brought forward (50,000) 100,000
    Less: Non-trading debits brought forward ²   (50,000)
    Less: Management expense deduction ³   (20,000)
    Less: Charges (donations to UK charities)   (10,000)
    Less: Group relief accepted   (50,000)
Profits chargeable to corporation tax   580,000
Tax @ 30%   174,000
    Less: Marginal relief 4   (46,750)
    Less: Double tax relief 5   (30,000)
Tax liability for the period   97,250




Ther above should be readable and trust that you are now satisfied. Sorry for the hiccups
Customer: replied 5 years ago.

Yes I can read it this time.

 

Will have to see I can - translate my BS+PL into something that will be acceptable.

 

 

Expert:  TEAP007 replied 5 years ago.
Ok I trust that this has enabled me to fully respond to your question and I would appreciate if you would click the Green accept button so that I get credit for answerign the question.
TEAP007, Tax Preparer
Category: UK Tax
Satisfied Customers: 760
Experience: Fully Trained Inspector of Taxes / District Inspector/ Team Leader/ Offshore Consultant/ 41 years
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TEAP007
TEAP007
Tax Investigation Specialist Consultant
759 Satisfied Customers
Fully Trained Inspector of Taxes / District Inspector/ Team Leader/ Offshore Consultant/ 41 years