ct600 (short) 2008

[haarko]

Hi I'm new to this forum but my initial experience has been very positive - many thanks for your help.

I am experienced with SA and income tax returns but relatively new to CT. I am completing a CT600 (short 2008) on behalf of a client who has a 'trading and professional loss' and hence no entry for box 3 or box 5. Instead, should I enter the figure for this loss in box 30 and box 122?

Also, I've entered the figure for Annual Investment Allowance (AIA) with
respect trading expenditure in box 173 but do I also need to make an entry
for this in box 118? Or is it wrong to consider AIA as a form of first year
allowance?

Any clarification here would be gratefully received.

 

[elaine@cheapaccounting]

Best to have a read of the CT600 guide if you are tackling CT returns:

http://www.hmrc.gov.uk/ctsa/ct600-guide-2009.pdf

 

[haarko]

Best to have a read of the CT600 guide if you are tackling CT returns

Hi elaine

Thanks again for a prompt response. Of course the ct600 guide is always my first port of call unfortunately it is not entirely clear with regards the points mentioned above.

Box 30 is titled 'Trading losses of this or a later AP' but the corresponding note in the guide refers to "reliefs you claim to set againsts profits under s393A ICTA 1988". Are you familiar with this provision of this Act? The same note also makes a reference to box 122 which is titled 'Trade losses Case I', with the corresponding note for that box referring to Part 3 of CTA 2009. I am not familiar with the provisions of this Act either and unsure what is meant by 'Case I'.

My apologies if this query seems straightforward. Perhaps I am being thrown off by the references to statute? As I said I'm relatively new to CT and cautious not to make any silly mistakes.