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Quick Corporation Tax Query
angelavdavis
Posts: 4,714 Forumite
in Cutting tax
Hi,
I have prepared some abbreviated accounts for 2007-8 and want to ensure I am paying the correct Corporation Tax.
In 2007, I made a loss due to my startup costs mounting up, but have made a profit in 2008. For example:
Net Profit=
2007 (1000)
2008 2500
Do I pay Corporation tax on 2500 at the rate for 2008 or do I pay it on 2500 minus the 1000 loss? I thought it was the latter, but I have read and reread and have confused myself now!
Thanks for the help
I have prepared some abbreviated accounts for 2007-8 and want to ensure I am paying the correct Corporation Tax.
In 2007, I made a loss due to my startup costs mounting up, but have made a profit in 2008. For example:
Net Profit=
2007 (1000)
2008 2500
Do I pay Corporation tax on 2500 at the rate for 2008 or do I pay it on 2500 minus the 1000 loss? I thought it was the latter, but I have read and reread and have confused myself now!
Thanks for the help
Thanks to MSE, I am mortgage free!0
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