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.
- Finding mobile numbers for clients we have lost contact with 101 2
- 2 companies, one payroll 123 3
- Director Liability 48 1
- Freelance/Employee 359 9
- Salary Sacrifice andy subsistence payments 130 4
- How do I answer a W-8BEN-E question (USA IRS) 379 4
- exemptions from CIS 237 6
- Directors exempt from AE? 560 10
- Volontaire International en Entreprise (VIE) 182 5
- Xero Pain Points 634 20
- Impairment in value of subsidiary - allowable? 264 13
- The importance of Grammar 1,739 52
- Client Require Tax Return and Profit and Loss for Housing Benefit claim 216 2
- VAT - How hard is it? 1,678 56
- Tax Implications on Child Benefits 387 3
- How much do you pay for Xero? 296 3
- Client in dispute with Customer over cancellation charge 598 23
- Cut-off accounting question 395 8
- VAT reverse charge on consulting from EC 112 2
- VAT Reclaim 213 7
- Any knowledge of salesorder.com 393
- Chart of account segments; Balance sheet vs P&L 350
- Could and would anyone here carry out a hot file review of some non statutory audit work please? 333
- Goodwill and the Summer 2015 Budget 313
- Electric Car 265
- S222 Charge 230
- What is the best acounting software for online international retail business? 226
- Company Structure 207
- Travel and Subsistence Expenses 170
- IP trans to holding company 169