26.03.2021

Corporation Tax relief from Trading Losses.

In the March 2021 Budget, the Chancellor announced a temporary extension to the carry back of trading losses from one year to 3 years.

If your Company made a loss in an accounting period that ended after 1 April 2020, you may be able to offset the loss against profits made in accounting periods up to 3 years earlier.

This means a potential refund of some the Corporation Tax paid in previous years.

We’ve helped several of our clients to submit claims and obtain a refund they didn’t realise they were entitled to.

If your last set of Accounts show a loss, then please get in touch and we can guide you through the process and see if you are entitled to a refund.