Please can someone who knows about these things help!
I have am working with a company that has brought forward loss of £55K. Before any R and D they made a profit of £75K. So for CT purposes they would have paid tax on £20K. However they have enhanced R and D costs at 230% of qualifying expenses of £850K. Our accountant says becasue there is a profit this year we can only carry the losses forward to future years. Our R and D guy says we can claim the 14.5% cash back from HMRC.
|Who is correct?