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Terminal losses - Corp tax and self-employment

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I moved from profitable self-employment to Limited Company last year.  For various reasons, I decided to seek employment with another company and so my first year subject to Corporation Tax was a terminal year.

I made a profit in this year but also bought a van which means that the capital allowance on this expense has resulted in a loss fo CT purposes

Is there any way that I can offset this by carry-back to my self-employment tax payments?

I suspect not but would still like any advice that is available

Thank you

Replies (5)

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By Adam12345
09th Oct 2019 13:06

This is a forum for professional accountants/tax advisers, but the short answer to your question is no.

By the sounds of it you have also treated the van incorrectly.

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Hallerud at Easter
By DJKL
09th Oct 2019 14:41

What happens to the van on cessation of trade?

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Replying to DJKL:
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By Accountant A
09th Oct 2019 14:45

DJKL wrote:

What happens to the van on cessation of trade?

The accountant who he is now belatedly going to appoint will sort it all out for him.

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RLI
By lionofludesch
09th Oct 2019 14:52

I made a profit in this year but also bought a van which means that the capital allowance on this expense has resulted in a loss fo CT purposes.

Hope you're not claiming Annual Investment Allowance on this van because there isn't one in the final year.

Maybe you don't have a loss at all. Problem solved.

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By Tim Vane
09th Oct 2019 17:05

Oops a daisy. Careful with that you’ll take someone’s eye out.

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