Originally posted by ittony
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Reply to: Corporation Tax Refund
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Previously on "Corporation Tax Refund"
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To claim a refund you can carry the loss back on your CT600 by ticking a box. In terms of bad debt relief, a general bad debt is not allowable for CT relief. However, a specific bad debt is.
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Originally posted by ittony View PostI wouldn't dream of doing it until the last minute, but the debt was outstanding for more than 9 months.
Thanks. And do you think it would be ok for me to choose some proportion of it to write off this year and leave the rest until next year, on the basis that I haven't had the final bad news from the liquidators yet (though it's likely to be 'nada')? If I do this I may be able to avoid having to ask for a refund at all, if next year picks up a bit.
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Originally posted by Lance View PostThis ^^^^^^
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Originally posted by ittony View PostAnyone every claimed a corporation tax refund? One of my clients has gone bust so it looks like I won't be seeing any money for the outstanding invoices, including those I've already paid corporation tax on, so I wouldn't mind getting some of that back at least.
I usually do my own accounts and CT600, and wondered if anyone else had managed to get a refund without using an accountant?
Also, would it be reasonable to write off only a proportion of the debt off this year, on the basis there's a chance I might get a fraction of it paid by the liquidators next year?
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Originally posted by Lance View Postgiven you have 9 months to submit your return, why did you do it so soon while you still had some outstanding debtors?
Originally posted by Lance View PostEither way the reduced amount of CT goes against the next years books. So if you paid £5k CT last year. And now are up to £2,500 C this year, when you make it bad debt your CT liability becomes -£2,500 (or lower)
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given you have 9 months to submit your return, why did you do it so soon while you still had some outstanding debtors?
Either way the reduced amount of CT goes against the next years books. So if you paid £5k CT last year. And now are up to £2,500 C this year, when you make it bad debt your CT liability becomes -£2,500 (or lower)
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Originally posted by DaveB View PostYou include it as a bad debt expense on the return for the tax year in which you write it off. It gets deducted from your taxable profits for that year, so you don't pay CT on it, effectively getting the money back.
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Originally posted by ittony View PostAnyone every claimed a corporation tax refund? One of my clients has gone bust so it looks like I won't be seeing any money for the outstanding invoices, including those I've already paid corporation tax on, so I wouldn't mind getting some of that back at least.
I usually do my own accounts and CT600, and wondered if anyone else had managed to get a refund without using an accountant?
Also, would it be reasonable to write off only a proportion of the debt off this year, on the basis there's a chance I might get a fraction of it paid by the liquidators next year?
Leave a comment:
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Corporation Tax Refund
Anyone every claimed a corporation tax refund? One of my clients has gone bust so it looks like I won't be seeing any money for the outstanding invoices, including those I've already paid corporation tax on, so I wouldn't mind getting some of that back at least.
I usually do my own accounts and CT600, and wondered if anyone else had managed to get a refund without using an accountant?
Also, would it be reasonable to write off only a proportion of the debt off this year, on the basis there's a chance I might get a fraction of it paid by the liquidators next year?Tags: None
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