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A residential property developer client has a 30 September year end. In the year ended 30 September 2007 the client made a large profit with a resulting tax liability of £52 718 less payments on account £1 360 and the balancing payment of £50 818 was due 31 January 2009.
The accounts to 30 September 2008 were prepared on a timely basis in November 2008 which showed a trading loss. A claim to carry back the loss was made in November 2008 and a free-standing credit of £30 192 was allowed to set off against the tax liability due on 31 January 2009 and the net amount of tax was paid on 14 January 2009.
The payments on account for 2008/09 were reduced to nil.
The client has since received surcharge and interest penalties totalling £4 083.36 payable on the amount of the tax credit of £30...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
