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?
- Scams are not always obvious 862 28
- SAGE 50 PAYROLL YEAR END 15 1
- More RTI stuff 32 1
- Little PPR calc question 85 2
- 100% FYA, do I have to cliam all of it in 1 year? 349 5
- Expenses allowable against income from lodger 189 4
- Retrospective Credit Notes 45 2
- Can loss derived in first year of letting out be carried forward to be set off rental in next year? 472 9
- Relationship between amortisation and distributable profits 38 1
- Google contacts sharing within our domain 259 7
- Restructuring company and Form 42 102 5
- Personal allowance 489 11
- Limited Companies, Directors Employer Registration P11D 175 6
- Taxation of rental income 301 6
- Market Value/Connected Persons 232 9
- Overseas company and VAT 56 1
- SAGE - Filtering Inactive Suppliers/Customers 146 2
- Workshops centred around Xero 486 12
- RTI, no payroll but BIK 194 1
- P60 from HMRC Basic Paye Tools 206 2
- New Fangled Penalties 1,045
- Moving away from CCH software 912
- Recruitment agencies 535
- QROP pension input amounts 414
- write off loan or loan to equity swap or both 366
- Deemed Employment Payment 349
- HMRC BENCHMARK EXPENSES 315
- Unused Losses and Post Cessation Receipts 302
- fraud 230
- EIS relief on transferring shares to spouse 227