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.
- Payroo Employer allowance query 138 2
- Small employers paying people when sick thanks alot! 3,001 32
- PAYE coding notice - deliberate misstatement 150 4
- Private residence relief with entrepreneur relief mix 276 4
- Value pricing 690 24
- Reregister for VAT 124 2
- Producing graphical KPI's etc 194 6
- Weely paid employees 241 3
- RTI Annual Scheme Query 131 3
- Would this save hours of your time? 458 11
- Director's tax return 275 6
- Keep receiving RTI late submission notice 206 6
- Wrong career 470 18
- MONEYSOFT - EARLIER YEAR UPDATE 280 7
- Laptop purchase 1,383 20
- PTP software disaster 269 2
- CIS repayment shambles finally over? 226 2
- Treatment of EU Purchases on Sage 102 2
- Tricky VAT question 185 1
- VT accounts licence key 272 5
- Residential Property Purchase Above £750K 796
- Using Sage with Sofa Categories 550
- Does anyone have an unwanted ICAEW wooden plaque? 415
- Goods shipped inter EU and VAT Reporting 293
- Free Tax Legislation? 264
- Director Loan account operation 244
- transferring simply accounting 2010 from xp to windows 7 239
- Non-Resident Director - UK Tax Position? 236
- Sage 200 and Access Dimensions reviews 229
- Paye procedures for CVA 159