How to recoup your losses quicker
Many previously profitable businesses have found themselves making losses after enduring some of the most difficult trading periods over the past two years. The Government extended the corporation loss carry back scheme to enable companies to claim back losses against profits going back three years rather than just one. This applies to losses arising in accounting periods ending between 1 April 2020 and 31 March 2022.
If you are a loss making business, receiving this repayment as soon as possible will be important. So it’s helpful to know that for claims of £200,000 or less, there’s no need to wait until the accounts and corporation tax return are submitted to make your claim. As long as you have evidence of the loss such as draft management accounts, you can make a claim at any time after your company’s year end.
If your business was previously in a profit making position, however is now loss making, you may benefit from making a claim. Get in touch and speak to one of our experts below to discuss whether a claim would be possible.