Just completed and submitted CT600 (YE Jan.2017) with, for the first time, an annual loss.
Ticked box to carry back which is more than covered by the previous year's profit.
Do HMRC pick this up automatically and sort out a repayment or do we have to open up and amend previous year CT600.
Thanks
Replies (12)
Please login or register to join the discussion.
You need to resubmit the previous years also and enter loss into the box for losses from a later return
You don't NEED to amend the previous return although there is no harm in doing so, and it MAY expedite repayment. (I have experience of HMRC ignoring the amended return and working only from the loss-making return.)
Agree 100% with all points made, HMRC often ignore the amended return.You don't NEED to amend the previous return although there is no harm in doing so, and it MAY expedite repayment. (I have experience of HMRC ignoring the amended return and working only from the loss-making return.)
You're totally wrong on this. Having spoken to HMRC recently on this issue, you DO NOT resubmit an amended return for last year. All you need to do is tick the box for the carry back on the current year's return - that is what triggers the system/technician to look at it.
That's funny as I spent a while on the phone to HMRC about this exact thing and that is not what they said. Yes obviously the latest CT600 is the most important. I don't know why you wouldn't resubmit tbh
One of the things that you will learn in life (are you an accountant or are you not?) is to take any advice or guidance from HMRC with a bowlful of salt.
The most common cause for delay is failure to tick the box on the front page of the later (loss-making) return saying that there is a repayment due for an earlier year. That tick box is the trigger for the consignment of the case to a work list. Thereafter you are in the lap of the monkeys, and a followup phone call after a couple of weeks often oils the wheels. Shouldn't be necessary, but you just do what works.
With kind regards
Clint Westwood
Well done! I've waited months sometimes even with chasing them up!! I'm about to chase up a company CIS refund - wish me luck!!
It always seems a lottery as to whether HMRC process loss carry back claims automatically or you have to chase them a couple of times and don't get me started on s455 refunds !
In addition to the actual current corporation tax return, we always do a specific additional letter to HMRC carrying back the loss - never had a problem getting this done.
We always submit the current CT600 with the box ticked and experience has shown that a letter requesting the refund sent at about the same time means that the refund is not forgotten by HMRC