Can you carry back losses which were brought forward?
Farming client made a loss in 2009/10. Losses could not be utilised so were carried forward to 2010/11. No tax due for 09/10.
Profit made in 2010/11 and averaged with 2009/10, resulting in a tax liability for 09/10 but no tax for 10/11 due to losses brought forward. However if we could carry back the losses which had been brought forward we could eliminate the 09/10 tax and still have enough losses left over in 10/11 for there to be no tax due.
The averaging claim does not save any tax as there is no tax for either year whether we average or not, but by averaging we give ourselves a lower profit figure should we need to average again in 2011/12.
The question is, are we allowed to carry back losses which had been brought forward purely by claiming on the 2010/11 Tax Return or would we need to amend and re-submit the 2009/10 Tax Return too?
- Can you declare dividends and not withdraw them 829 35
- Owners loan to business - is interest taxable 37 1
- Audit Required 1,163 22
- HMRC to sell our tax data to private companies 285 9
- Residential Management Companies 50 2
- Value pricing 2,831 37
- Problems with CT600 filing 378 5
- Flat rate scheme - which rate to use? 361 11
- Payroll software for Mac 110 1
- Online / Cloud Data Back Up 87 2
- Excel problem - pivot tables and multiple data sources 207 5
- CIS and Close Company 193 6
- LLP members share of profits 623 32
- Late P800 demand shows later year? 421 20
- Electronically supplied services - B2B 133 4
- Employment support allowance and self employed 87 1
- Registered Office 86 2
- Winding up a beneficiary will trust 106 1
- Brain freeze - loss on disposal of company car 289 7
- VAT Box 7 and supplies from unregistered traders 537 17
- Residential Property Purchase Above £750K 934
- Using Sage with Sofa Categories 658
- Understanding the implications of January 2015 VAT changes for downloads on threshold for VAT registration 387
- transferring simply accounting 2010 from xp to windows 7 329
- rent-a-room allowance for part of the year 253
- Paye procedures for CVA 244
- HMRC Second Income Campaign - not so much a question as heads up 239
- Expenses Re-imbursed on the VAT Flat Rate Scheme 185
- Compliance Checks - Time limits 181
- Pension Fixed Protection 180