Amortisation not previously claimed as a tax-allowable item
A colleague referred a query to me.
He's interviewed a new potential client who incorporated his sole trader business in 2008, having started up in business in 2004.
His current adviser had added back amortisation expenses on the goodwill in the company tax computations, presumably not realising it would have been tax-allowable.
The query is whether the unclaimed amortisation in 2008 and 2009 could be set off against the 2010 tax charge or whether amended returns would have needed to have been submitted.
If the set-off is possible for 2010, what would be the most appropriate way of presenting the charge on the CT600 and accompanying tax comp?
- Personal allowance for a resident of both Belgium and UK? 199 13
- Now Scotland has voted "No", when does England get to vote? 599 18
- What is the role of an accountant? 1,245 22
- Expenses prior to Startup date for startup 67 1
- VAT registration for self employed dentist??? 534 19
- Warning of enforcement action - without any warnings 164 2
- How can customer service quality vary between the basic pension firms? 201 3
- How to pursue fraudulent trading 112 2
- business card address 1,015 11
- VAT on educational consultancy 76 1
- Which tax box 63 1
- Will this AIA be disallowed when asset transferred to Ltd Co 169 10
- Tax on private fuel for own car 86 1
- About to buy a block of fees. Any advice? 1,599 8
- paragraph 2 schedule 36 finance act 2008 85 1
- would home tutoring ever have to come under PAYE? 146 5
- Supplier invoice addressed to a different company, how is this treated for VAT? 222 10
- Moneysoft payroll 311 17
- Sportman claiming for training kit 857 9
- Self Employed Hairdressers and VAT treatment 137 2
- Raiders of the Lost Tax File 1,253
- Chartered Accountant in County Down N.Ireland 448
- National Insurance 347
- Unnecessary S9A Enquiries 269
- Non Resident 265
- Cass 5 FCA Client Money Software recomendation 257
- Franchise income and costs 232
- Hands on experience of Digita 183
- Tax on interest received from insurance company 170
- Employer's Helpline 137