Help with CT1 - Revenue Corporation Tax return

J

joker77

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Hi

I have a query in relation to the revenue CT1 form

It is a small company, and on the Extracts from Accounts section I would like to know how to treat an investment. In the Expenses and Deductions area it's not obvious where to show it, do I show it there?

If there are any online help resources in terms of how to treat an investment on the balance sheet - please let me know.
The investment itself is in shares of other companies.

Thanks
 
It won't go on the return. It's an extract from accounts, not the accounts in total. Fixed assets and financial investments, are not entered in the extract from accounts
 
Thanks for that. But how is the money going out to purchase the asset represented? Does the expenses and deductions not have to balance out with the income?

Are there any online resources that explain the Extracts from Accounts section?
 
Thanks

The root of my question is whether I have to pay Corporation Tax on money I have invested in Stocks.

As in - if the turnover is 100k, and I have expenses of 90k, with the remaining 10k if I have purchased shares in other companies with that money, is it declared as 10k profit?

Thanks again
 
Yes, pay tax on the 10k. You should seek advice from an accountant. Tbh, your questions make me nervous about your ability to file a correct return! Onus is on you to make correct self assessment. For example, are you sure all expenses are tax deductible? Is there any cap ex in there, for eg computers etc, on which capital allowances should be claimed?
 
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