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Losses brought forwards
I'm trying to understand whether I can use TinyTax to replace my accountant. I am unsure about how to make use of losses brought forward from previous years. There appear to be boxes available in company tax returns, when I look at the government website, where I could enter losses from previous years to offset tax, but I don't see anywhere to enter that type of information into TinyTax. I may misunderstand what it means to use losses from previous years, or it may be that TinyTax cannot make use of it.
If I can understand this element of filing my company accounts and ct600, I may be able to sign up to using TinyTax
If I can understand this element of filing my company accounts and ct600, I may be able to sign up to using TinyTax
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The field is in the Tax Computation section of the submission form, labelled "Losses brought forward from prior years". You enter your loss figure there, and TinyTax automatically calculates how much is applied against this year's profit, reduces your tax accordingly, and shows any remaining losses to carry forward.
If you can't see the field, the most likely reason is that TinyTax has detected this as your company's first accounting period. Since you've previously filed via an accountant, you'll want to make sure the accounting period start date follows on from the end of your last filed period — rather than starting from the incorporation date. Once TinyTax recognises this isn't a first-year filing, the losses section will appear.
To find the right figure to enter, check your previous CT600 (your accountant should have a copy). Look at Box 780 — this shows the trading loss carried forward to future years. That's the amount you'd enter into TinyTax.
Once entered, TinyTax handles the rest: it offsets the losses against your profit, calculates the reduced corporation tax, and populates all the relevant CT600 boxes (155, 160, 165) automatically.
We have a full guide on this here:
https://tinytax.co.uk/support/losses-brought-forward
If you have any trouble finding the field or aren't sure about the figures, just let us know and we can walk you through it.