I have a question regarding corporation tax

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Hi all, I am closing down my business and have been selling off assets over the last 6 months following the cessation of trading. 
YE 31/10/23 - I have submitted my accounts but the company still had a couple of assets to sell at ye so I will be doing cessation accounts this period. 

I had corporation tax on trading profits in the year and also on balancing charges from sale of assets.

My questions are: 

1. Can I claim full Corp tax relief on the above or only on trading profits ? 
2. This years cessation accounts will only have non trading profits as there is only income from sale of a couple of remaining assets, can I journal in the corp tax as tax relief or no? 
3. am I eligible for business asset disposal relief? 
thanks in advance 

Replies (9)

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By David Ex
11th Jan 2024 20:34

You need an accountant.


Other professional bodies are available.


“If you intend to plan a course of action based on what you read in here, you should instead be taking professional advice.”

“They are not here to provide free accounting advice.”

Thanks (1)
By Ruddles
11th Jan 2024 20:42

What do you mean by corporation tax relief?

Are you entitled to BADR? Only your adviser will know the answer to that one.

Your adviser might also tell you that the corporation tax return for the year to Oct 23 was wrong.

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By johngroganjga
12th Jan 2024 09:47

I agree with the above two responses, and will add that your question makes no sense. You say that in the year ended 31 October 2023 your company had “corporation tax on trading profits and … on balancing charges from sale of assets”. We have not seen your 2023 accounts or corporation tax computations, but if those words are a correct summary of what they show your question about whether you “can claim full corp tax relief” on them makes no sense.

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Replying to johngroganjga:
By Ruddles
12th Jan 2024 10:07

I do wonder if this is one of those situations where the individual believes that corporation tax is a deductible expense - it wouldn't be the first time that I have seen it ;¬)

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By JCresswellTax
12th Jan 2024 10:19

I particulary like this bit "am I eligible for business asset disposal relief?".

Funny. Very funny.

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By Ruddles
12th Jan 2024 10:25

I also predict that there will be no response from the OP to our various comments and questions.

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Replying to Ruddles:
By stepurhan
12th Jan 2024 12:43

There's still time for the indignant "this place is terrible, I give my advice for free all over the place" response.

Thanks (3)
By Tom+Cross
12th Jan 2024 14:39

You just might be the type of 'chap' I'm looking for.
I'm seeking; someone who has years of experience, which they've spent their lives developing. Can just stop what they're trying to achieve at that time. And they don't mind giving the advice and outcome, for no charge whatsoever.
I'm guessing that you're just the 'chap' that I need.
thanks in advance

Thanks (1)
By Dougscott
13th Jan 2024 22:25

Blimey, it's unbelievable how many people post questions on here who clearly don't have an accountant and haven't a clue and must have spent loads more in tax than they need to.

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