Hello
Can you please check “Tax Summary” calculations, because it looks to me that the Profit and Loss brought forward amount is incorrect.
Thank you
Are you viewing the profit and loss for the same period (1st April 2015 to 31st March 2016)?
Hi @Filan
I would like to get few more details. Let me send you a private message on this forum.
It does look like there was a problem with the P&L brought forward on the expanded view. We’ve just pushed out a fix, so it should be OK now. Although please let me know if there any further issues.
Hi Glenn
That’s great, thank you. I only have one more question, shouldn’t corporation tax payable in previous year be fed through as well? Thank you
No problem!
It’s my understanding that the CT when calculated for each year should be journalled from the P&L account to the balance sheet. So providing you have those journals in place, the CT for previous years should already be factored into the P&L brought forward. I.e. the P&L figure is after tax.
Hi Glenn.
I was wondering that if the profit and loss brought forward is a negative figure I.e a loss from previous period, then will the estimated corporation tax payable for current year change to reflect the reduction in corporation tax?
Thanks
Have a look at the “Aggregate Profit/Loss” this will take into account losses brought forward.
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