Good news – Corporation tax loss relief improved

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Good news – Corporation tax loss relief improved

As a result of the pandemic, companies incurring losses for tax purposes for accounting periods ending between 1 April 2020 and 31 March 2022 can now carry back these losses for up to three years rather than one year.

HMRC have advised that claims below £200,000 may be made outside of a corporation tax return via letter. Claims greater than £200,000 need to be made via the appropriate corporation tax return.

For all those clients that have losses, we will be making sure that your position is optimised and welcome this extension to the loss relief carry back period.

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The Martlet Partnership LLP
Martlet House
E1 Yeoman Gate
Yeoman Way
West Sussex
BN13 3QZ

Tel.: +44 (0) 1903 600555
Fax.: +44 (0) 1903 600828