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?
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