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Amend company tax computation

Amend company tax computation

We have noticed an error in a company tax compuation for a client going back to the year ended 31 December 2007.

The company was making losses at the time and the error means that the losses carried forward in the omputaions were lower than they should have been. The company has made losses in subsequent years, but in the year ended 31 December 2011 made a taxable profit which uses up the losses.

Is it possible to amend the loss brought forward? If not is it possible to put an amendment through the current year computations? - the error related to amortisation of a grant that was included as income in the profit and loss account, but not deducted in the computaions. So, can a dection be put though this year's computation?

The "Overpayment relief provisions" appear to relate to the recovery of tax already paid and refer to a time limit of four years from the end of the accounting period (i.e 31 December 2011). In the ciircumstances as referred to above can we in fact go back further than four years?

Thank you.


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By pawncob
09th Aug 2012 17:50

Double edged

I think the four year time limit is a double edged sword and cuts both ways, except where there is fraud involved.

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10th Aug 2012 12:15

Special Relief

Just looking through again and there is a relief called special relief (SACM1220+) aand I'm just wondering whether a such a claim is worth it?


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10th Aug 2012 13:06

Tax losses underclaimed PII matter

We acquired a company client some years ago (ie pre 2000) and they had an existing claim against a previous firm of auditors for understating the tax loss claim for a year.  By the time it was noticed it was out of date and the assessment for the year in question had been confirmed so the losses were Lost.

Our client was claiming for their loss (ie tax relief on the amount of losses not available) and my understanding was that the claim went through the previous auditors PII cover.

This doesn't answer the question can we get the losses back, but if it was OP's firm that made the error and the end result is that the losses can not be resurrected then you should seriously consider notifying your PI insurers.  Conversely, if it wasn't the OP's firm that made the error then the client needs to be advised to make a claim against the firm concerned.

All the best


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