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Filing in Ct1 Return - 2023 - Carrying Loss forward

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  • 02-01-2024 2:52pm
    #1
    user060916
    Registered Users Posts: 103 ✭✭


    Screenshot 2024-01-02 at 13.48.36.png

    I've a tiny Ltd company that has had three accountancy periods

    ending 31/8/2021 loss of 875

    ending 31/8/2022 loss of 2099

    ending 31/8/2023 gain of 5000

    When filling out the CT1 for 2023 is the above correct? It was auto filled for me and the tax due is correct. Just curious why the two losses carried forward are treated differently in the form.



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    #2
    SureYWouldntYa
    Registered Users Posts: 7,724 ✭✭✭SureYWouldntYa


    It auto filled with last year's (2022) data

    Your losses forward from earlier periods (a) are 2,974 (755 plus 2,099)

    You then input 2,974 into box b since you intend to utilise the losses, this will then include them in the calculation to reduce your taxable profits

    Box c should be 0, as should the bottom box with total losses for the period

    So long as you have 5,000 filled out in the profit for the trade, you should then see 2,026 @ 12.5% in the calculate section leading to a tax charge of €253. The autofilled form is probably still giving you the correct result since you have nothing in box c above



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