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?
- Repairs or Improvement? 82 1
- Increasing the personal allowance: A top priority? 629 27
- Share Capital 155 3
- Business Bank account 32 1
- Administrative restoration 138 4
- Limited company 55 2
- Purchase of ltd company 42 1
- RBS asking client to switch accountant 96 3
- Excel formula 444 9
- Flat Rate VAT and EU sales (Non VAT) 161 4
- Directors Remuneration 2014/15 and NIC Allowance and Excel Spreadsheet 95 2
- Companies House incorporation service 393 13
- Is Accountancy Becoming like an Insurance Policy 311 2
- P35 and Service Company questions 196 4
- VAT, vans, sole traders and business use. 1,619 13
- Bereavment payment 162 3
- Double tax treaty Italy and UK 119 1
- Anyone Heard of This Outfit? 1,180 7
- Can anyone advise on the best VAT Scheme to change to? 300 4
- Apologies for reposting this but first post was on Friday afternoon! 384 2
- Xtuple 552
- Qtac payroll for bureau 378
- Confused - Professional Association a Mutual trader, or not? 322
- Industrial & Provident Societies 315
- Why would HMRC offer to close an investigation by contract settlement 306
- CIS schemes 225
- Domain name sale and limited company 206
- Director legal fees in loose connection to the company 192
- Investment 189
- Italian friend wants to set up a UK company to reduce taxes 184