Corp Tax Payment - tax to reclaim
Discussion
This year due to writeoffs and running down my old contracting company I will have a small amount of corp tax to reclaim.
I understand the accountant will do a full tax return, due 12 months after year end. I've received a payment form from HMRC - for the payment which would normally be due 9 months after year end, do I just write zero in the box, fit in a negative number somehow - or not return the form?
I understand the accountant will do a full tax return, due 12 months after year end. I've received a payment form from HMRC - for the payment which would normally be due 9 months after year end, do I just write zero in the box, fit in a negative number somehow - or not return the form?
Corporation tax (if payable) is due within 9 monnths of the end of the accounting year (even though the Corporation Tax return need not be submitted until 12 months after the year end).
If you have made a loss for the most recent accounting year, you can carry that loss back to the previous accounting year and offset the loss against last year's profits. That will, obviously, reduce the Corporation Tax liability for that year. If you have already paid that liability you will be able to reclaim some of that tax back.
The loss claim will be made officially when the Corporation Tax return for the most recent year is submitted to HMRC.
Althouigh you have up to 12 months after the year end to do this, if you think you will be entitled to a tax regfund, there is nothing to stop you submitting the Corporation Tax return as soon as you can.
What you will have received in the post is the normal annual reminder that you have a legal obligation to submit a Corporation Tax return. The payslip at the bottom allows you to pay any Corporation Tax due at or near the 9 month paymentr deadline date if, at that point, you still haven't yet submitted the |Corporation Tax return. Nothing is due and payable for quite a while yet so you do not need to submit a Nil payslip at this moment in time.
If you have made a loss for the most recent accounting year, you can carry that loss back to the previous accounting year and offset the loss against last year's profits. That will, obviously, reduce the Corporation Tax liability for that year. If you have already paid that liability you will be able to reclaim some of that tax back.
The loss claim will be made officially when the Corporation Tax return for the most recent year is submitted to HMRC.
Althouigh you have up to 12 months after the year end to do this, if you think you will be entitled to a tax regfund, there is nothing to stop you submitting the Corporation Tax return as soon as you can.
What you will have received in the post is the normal annual reminder that you have a legal obligation to submit a Corporation Tax return. The payslip at the bottom allows you to pay any Corporation Tax due at or near the 9 month paymentr deadline date if, at that point, you still haven't yet submitted the |Corporation Tax return. Nothing is due and payable for quite a while yet so you do not need to submit a Nil payslip at this moment in time.
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