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Ask Your Own Question, Chartered Certified Accountant
Category: UK Tax
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I have a trading loss this year but have not paid any corp

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I have a trading loss this year but have not paid any corp tax. Do I put a negative value in ac34?

If so I won't balance unless I create a debtor on the balance sheet for the same amount

Hello, if you have any questions or need further clarification after reading my answer please let me know.


Thank you for your question...


Is this your first year of reporting?


Box AC34 covers taxation provison .. as there is a trading loss, you should leave Box AC34 blank unless you expect to receive a refund from HMRC. If that is the case then you should put a negative figure and also show it as a debtor in the balance sheet.


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