Editorial team AccountingWEB.co.uk
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Any Answers Answered: Extended loss carry back

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Rishi Sunak’s extended loss carry back for corporates has caused a lot of confusion throughout the profession and on Any Answers. TaxTV hosts Giles Mooney and Tim Good have the answer in this month's edition of Any Answers Answered.

3rd Jun 2021
Editorial team AccountingWEB.co.uk
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To view the full questions and AccountingWEB reader answers click on the links below:

Corp tax loss - carry back 3 years

The first question relates to the extended loss carry back for corporates that Rishi Sunak announced back in March; it’s a topic that’s been talked about throughout the profession.

A lot of people are getting confused about the application of it. For example, AccountingWEB reader VP has a trading loss for the year end 31 January 2021 and they’re carrying it back to 31 January 2018. They explained that this is the only year that there are profits to offset under the new rules. 

The AccountingWEB member, therefore, wants to know if they need to amend the 2018 CT600 or if ticking box 45 "Claim or relief affecting an earlier period" on 2021 return sufficient. Giles and Tim have the answer. 

Obligation to Report Employer Pension Contribution

The second this month is an administrative one from AccountingWEB member James D S and concerns RTI information. 

“We are bringing the payroll in house for the first time in twenty years and are currently setting the software up for the first monthly run. Through auto-enrolment we pay both employee and employer pension contributions.”

Therefore, the reader wants to know: “As employee contributions are listed on the payslip I assume they are being reported to HMRC through the monthly RTI submission? Is there also an obligation to report employer pension contributions? If yes, how is this done?”

For the latest episode of TAXtv visit PTP Interactive.​ TAXtv is a monthly tax update programme available as an annual subscription, (11 issues plus budget editions) to view online, download from the internet or watch on DVD.

 

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