Loss Relief Carry Back
acsacsacs
Registered Posts: 43 Regular contributor ⭐
Currently trying to help a client with regards to claiming back corporation tax on a loss in the current year. Haven't done this for a while so just wanted to check as IRIS is confusing me a little.
2009 - £20,000 profit
2010 - £10,000 loss
I always believed that I could just claim back the relief and a repayment with the 2010 return. But looking at guidance on HMR&C and the screens on IRIS, not sure if I need to re-submit the 2009 return with the carry back on also. So in effect will be resubmitting the 2009 return with a re-calculation of corporation tax and the 2010 return utlising the loss for that year to 2009.
Any help would be appreciated.
2009 - £20,000 profit
2010 - £10,000 loss
I always believed that I could just claim back the relief and a repayment with the 2010 return. But looking at guidance on HMR&C and the screens on IRIS, not sure if I need to re-submit the 2009 return with the carry back on also. So in effect will be resubmitting the 2009 return with a re-calculation of corporation tax and the 2010 return utlising the loss for that year to 2009.
Any help would be appreciated.
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Comments
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Yes you need to carry back the loss and submit the recalculated 2009 showing the loss brought back. No refund is shown on the 2010.0
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Cheers groundy.0
