corporation tax | AccountingWEB

corporation tax

A Ltd is a full subsidiary of B Ltd.

A is taken into administration and liquidated resulting in capital losses. B wishes to utilise these losses via group relief.



Just had a client ask me if I can move some of the 2012/13 income to 2013/14 financial year to reduce their tax bill for 2012/13 as they are expecting a loss in 2013/14.


The First Tier Tax Tribunal recently heard the case of Ghelanis Superstore and Cash and Carry Ltd v HMRC (TC03251).

I have a client, Company A, who in Nov-13 purchased 100% of the shares in Company B.  Company B has losses for the financial year ended Apr-13 but not yet completed it's tax return.



Firstly, I am in the process of talking to an accountant about these issues, but thought I'd put them in front of you too. 


Been on HMRC website and difficult to get a definitive answer on this:


HMRC was once again up in front of the Public Accounts Committee (PAC) to answ


Has anybody been receiving penalties in respect of their clients for late filed corporation tax returns - especially if the returns have been filed on time and acknowledged?



Most read: corporation tax