Content
Pot and kettle
No more stealth
Pensions hit
A place in the sun
Ready or not...
Nice motor
Making allowances
Good times, bad times
Tax-free checkup
Three square meals
Funny question
Dividend rules OK?
Too good to be true?
Pay my friend
Early EIS
Mind the halfpennies
Just the ticket
Flat rate changes
Foreign Service
This year, next year
Partial exemption
Penalties
Compliance checks
Under their eye
Howzat?
Know your rights
Discipline
Don't be mean
Redundancy
Two sorts of absence
Warranties
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Remember how it was before the recession? Businesses making profits, paying tax? Ah, those were the days. If you are making losses now, you can claim the loss against the profits you made in the past and get some of that tax back. Normally you can only go back one year, which is no good if your business has gone from profit through break-even to loss - you didn't pay tax for the break-even year so you can't get any back. The Chancellor has extended the carry-back rule to three years for losses made in accounting periods which end in the two years from 24 November 2008 to 23 November 2010, but only for a loss of £50,000 in each period. If your losses are more than that, you have to apply the normal rules to the excess - one year carry-back, or carry-forward and hope to set them against profits in the future. You can also defer the payment of last year's tax as it falls due if you expect to make a loss in the current period that you will then carry back - you won't have to wait until after the period has finished when you can prove that you're making a loss. If you are making losses, reducing your tax bills is hardly a silver lining - but we can at least help you to get the best result.  |