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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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.
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.
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.