Year end Corporation tax reduced by previous year losses

Accounting
1

Good morning

How I can adjust on quickfile that corporation tax is reduced by losses brought forward from previous year?
I cannot see this being reflected

Thank you
maria

2

Hi Maria,

In terms of corporation tax you would only need one journal as follows:

Debit tax expense X
Credit tax creditor X

Where you replace X with the figure from your CT600. This should be the amount of tax due in that year and should keep your balance sheet and P&L correct.

Hope that helps.

Kind regards,
Chris