Losses on CT returns may be incorrect
If you receive a letter from HMRC about your corporation tax losses, don’t ignore it or you could end up overpaying. What’s going on?
An issue with corporation tax losses recorded on the CT600 form has been ongoing for some time. This may affect your company if you have reported losses in the following boxes:
- 805 and/or 810: UK property business losses;
- 830 and/or 835: non-trading losses on intangible fixed assets; and
- 850 and/or 855: management expenses.
It has been discovered that these boxes are sometimes showing different amounts than the tax computation. You may receive a letter saying that HMRC will use the computation figures. However, if you believe the CT600 is correct, you should contact HMRC on the email address included in the letter to explain why the CT600 figures should apply. Failing to do so could mean losses are underclaimed.
Related Topics
-
Welsh government increases charge on some residential property purchases
The Welsh government published its Budget for 2025/26 last week. This included a number of tax announcements. What are the key points?
-
Scottish Budget confirms bands and rates for 2025/26
Ahead of the Scottish Budget, there were rumours that tax hikes were on the way. However, the announcements made on the day will see some easing of tax for lower earners. What’s the full story?
-
Overlap relief calculator launched
An interactive tool has been launched to help taxpayers calculate the overlap relief to report on their 2023/24 self-assessment tax returns. What’s the full story?
This website uses both its own and third-party cookies to analyze our services and navigation on our website in order to improve its contents (analytical purposes: measure visits and sources of web traffic). The legal basis is the consent of the user, except in the case of basic cookies, which are essential to navigate this website.