question
Q: My company made a loss last year. This year a profit for the year was made, but not enough to offset the the previous years loss. In the current company tax return do I include the previous losses in 7R (Tax Losses Deducted)? and do I put zero in 7T (Taxable/net income or loss)?
ie
Loss for 2016 was 46000
Profit for 2017 was 33000
I understand that 13U will include all losses carried forward.
So for the current years company tax return I would make the following entries?
7R (Tax Losses Deducted)=46000
7T (Taxable/net income or loss)=0 or 33000?
13U (Tax Losses carried forward)=13000 (less than 100k, so no Losses Schedule?)
Regards
