Corporation Tax question

[punky]

Hi all,

Someone said they think there was a provision in the budget that if you are now making a loss, you can claim back corporation tax you paid in previous years as some kind of help through the recession.

Google results seem a bit mixed and confusing. Does anyone know anything to point me in the right direction?

Many thanks in advance.

[Scarlett]

Do you have accountants? they'd be the first port of call to check this.

the official HMRC (http://www.hmrc.gov.uk/ct/index.htm) details are here but they're about as clear as mud.

the PCG (http://www.pcg.org.uk/cms/index.php?option=com_frontpage&Itemid=1) have a tax helpline if your a member.

Off the top of my head though the deal was to do with any losses you have made previously (last 3 years) being used to reduce your CT liaibility now? basically if you've not been making a profit then you can use thoses losses to reduce the CT tax liability now (given that CT is a tax on profits)

Ha, spotted this (http://www.accountingweb.co.uk/cgi-bin/item.cgi?id=197732&d=1025&h=1020&f=1026&dateformat=%25o%20%25B%20%25Y) look at the 4th point down.

[punky]

Many thanks for that mate :tu:

I did call my accountant eventually, was trying to avoid it. Basically he said we can claim back 3 years but when he does the end of year accounts later he'll put in a CT claim and get a refund.