Carry losses back / corporation tax

When is the deadline to file a claim to offset current year financial loss against last year taxbill

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Company was in profit last year and is seeing significant losses this year. 

Our tax bill is normally due December in line with a 1st April financial year. 

When is the deadline to carry back this loss to offset against last year's corporation tax bill and which form is it?

thanks 

Replies (4)

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By johngroganjga
16th Oct 2017 07:50

Your accountant will deal with it on the company’s 2018 tax return. There is no special form - just the normal tax return. The deadline for the return is 1 year after the year end - 1 April 2019 in your case.

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Replying to johngroganjga:
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By I'msorryIhaven'taclue
16th Oct 2017 11:14

johngroganjga wrote:

The deadline for the return is 1 year after the year end - 1 April 2019 in your case.

And, further to what John has told you, if in that return you don't elect to carry back the loss then you still have a further year maximum by which to submit an amended return. So the absolute deadline for electing to carry back the loss is effectively two years after the year end of the loss-making period.

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By Maverickj8
16th Oct 2017 12:00

Helpful.
Thanks both.

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By johngroganjga
16th Oct 2017 13:36

Not sure why you are asking about the deadline. In the circumstances, if I were you I would be looking to claim the loss relief at the earliest possible date, not the latest.

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