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HMRC issues CT600 reminder
HMRC have published information aimed at clarifying the action taxpayer companies need to take to ensure claims to carry back losses are made correctly, and that payments made to the Revenue are allocated to the right period.
If a company wishes to carry back a loss to reduce its corporation tax liability for an earlier accounting period, it should complete the repayment for an earlier period box on the CT600 form – which will allow the taxman to process the claim and make an appropriate repayment.
When making a corporation tax payment, the business must use the correct 17-character payment reference number to tell HMRC the accounting period against which to set the payment.
The department may not allocate the payment correctly if reference or the ten-digit unique taxpayer reference is wrong, resulting in either further payment reminders being sent to the company or the payment being automatically refunded.
