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Tax on loss
03-23-2011, 06:38 AM
Post: #1
Tax on loss
Hi there wondering if ayone could help me here.
Say i have a company taht makes 100 loss, and corporation tax is 20%
do i put 80 loss in the profit for the year in the balance sheet, and a 20 tax asset?
Then next year i make 100 Profit so after tax this would be 80 but instead i cancel off the tax with my tax asset. so my profit would now be 100 in the balance sheet and the asset would be gone?
thanks for your help
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