Can I reclaim overpaid Corporation Tax?

[syrio]

Is it possible to obtain a refund on overpaid Corporation Tax from several years ago? (c. 2013/2014)

My accountant thought I should pay Corporation Tax on some dividend income, which I argued against, eventually they agreed after the corporation tax had been paid for one year. They then said it wouldn't be possible to claim the tax back but it might be possible to claim it back in the future due to the rules changing, but that it may be possible to offset it against other income in the future. However I have now stopped work and have no income to claim it against.

As I understand it, I paid approximately £2000 in tax, which is currently shown as a carried forward loss in my accounts. The accountant is talking about claiming back approx. £400. I am querying this with him. I expected to get the whole amount back.

[malvolio]

You paid CT on dividend income? Sorry, don't understand...

Perhaps talk to an accountant who understands accountancy in the first instance.

[WTFH]

You paid CT on dividend income? Sorry, don't understand...

Perhaps talk to an accountant who understands accountancy in the first instance.

Perhaps he didn't tell the whole story...
https://www.contractoruk.com/forums/...t=#post2187328

[malvolio]

Perhaps he didn't tell the whole story...
https://www.contractoruk.com/forums/...t=#post2187328

Well it might have helped...

But since that looks like corporate income rather than personal divis, then CT would be due on the profit element. How much and at what rate is open to discussion.

And no, you can't reclaim it, short of a major rewrite of your company accounts, only offset it against future years.

[syrio]

And no, you can't reclaim it, short of a major rewrite of your company accounts, only offset it against future years.

So it is possible to reclaim it, by rewriting the accounts? How much work would that be?

[ladymuck]

So it is possible to reclaim it, by rewriting the accounts? How much work would that be?

Ask your accountant

[malvolio]

So it is possible to reclaim it, by rewriting the accounts? How much work would that be?

You've declared your accounts to be true and accurate when you filed them. So what do you think?

[syrio]

Anyway the matter is now resolved. The overpaid corporation tax was approx £400, and is now being reclaimed.