Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Hi all – just doing my accounts and CT600 and note that I didn’t invoice anything in the period (1/4/14 – 31/3/15). I’ve paid myself wages and have some other minor expenses, which give me a loss of c£10k, and a potential tax reclaim of c£2k at my usual rate of 20%. What are my options here as regards reclaim (carry forward / carry back?), and am I barking up the wrong (Xmas) tree?!
Thanks!
Rob
Carry back the loss and claim the corporation tax refund- just because you wasn't invoicing doesn't mean you wasn't working (you would have probably been looking for work, applying to work, going for 1st/2nd interviews, chasing up recruiters, advertising on linkedin/job boards, dealing with HMRC, etc) and as such deserved to be paid a salary. Making a loss is all part of being in business- not every business will make a profit in every single year that it operates (just ask tesco).
There are a lot of tulip heads on this forum who for some reason who feel compelled to shriek "ask your accountant". Just ignore them- as you have probably noticed they probably have lots of unresolved personal issues.
Weren't not wasn't, FFS, this is a Professional Forum!🔧🌞
I was an IPSE Consultative Council Member, until the BoD abolished it. I am not an IPSE Member, since they have no longer have any relevance to me, as an IT Contractor. Read my lips...I recommend QDOS for ALL your Insurance requirements (Contact me for a referral code).
Thanks JB3000 - excellent reply - the kind of thing I'd expected when I posted - your personal experience, a few things to watch for, a friendly helping hand. Yourself and Snarf get "Top Poster of the Year"; if you're cursing your bad luck that this only gives you 3 more days of Top Doggery, well, my Financial Year ends March, so have another 90 days of privileges!
My final comment on this would I guess be that the question and answer weren't rocket science and don't need an accountant to answer. I tell you what: it's a good job that accountants are honest enough not to charge you for stuff you could do yourself, or there'd be massive overcharging and a lot of us would feel proper idiots... Imagine!
Comment