Carry back of trading loss to prior period - how to claim
I am completing a CT600 using HMRC's software for my client, a small property management company.
In most of the preceding years, the company has been treated as "dormant" for corporation tax purposes as it was either loss-making or had a corporation tax liability of under £100 in each year. Last year, the company had fewer expenses than normal so made enough profit that corporation tax was payable, and a return was duly completed and the tax paid.
This year, the company is again loss making. Although it would fulfil the conditions for dormancy, I would like to use the trading loss to carry back to the previous period to offset some of the profit last year, and obtain a rebate of some of the corporation tax paid, so I do not intend to apply for dormancy this year but will compete a tax return.
On the online CT600 Computations service, I have stated how much of the loss I would like to carry back to the previous period. However, there is nowhere on the form to indicate which year the claim will be applied to.
On the CT600 itself, it does not make any mention of the claim for carry-back loss relief to the prior year.
I have telephoned the corporation tax office for my client, but they do not know the answer (i.e. they are unable to tell me how to make a claim for carry-back loss relief!) and have referred me to their technical department for a call back within 2 days... I'd quite like to get this one finished today (I only work one day a week and this is it!) so I wondered if anyone knew the answer.
- Taxfiler - SA100 - More efficient? 673 5
- See you all on the other side 723 6
- 12Pay 480 2
- dividends 661 2
- R&D 336 1
- Quarterly Reporting - The Logistics 1,201 17
- Auto enrolment contribution rates 448 3
- How long are you waiting for appeal reply 435 4
- Borrowing money to loan to company 387 1
- Mother as Guarantor for Son's mortgage 558 5
- Seeking a tax case 661 9
- When do we qualify for state pension? 519 4
- Companies house strike off 591 3
- Tax treatment of alterations to property 447 2
- Moving to the cloud 758 9
- Iris open space/doc exchange for SATRs 220 2
- How much to charge for payroll? 915 16
- Unincorporated charity transfer to CIO 223 4
- BTC vs Digita 1,099 29
- Has anyone tried calling HMRC to get tax on dividends put in code? 511 4
- HMRC Joint Filing 565
- Capital Contribution towards a company car 422
- Capital Reduction & Impact on EIS Shares 376
- IRIS and FRS 102 357
- Capitalising Finance Lease 332
- USA help 320
- Marginal rates of tax 316
- National Minimum Wage issue on Directors joining a Workplace Pension 313
- Class 2 NI 298
- Dormant company accounts under FRS 102 297