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Ensuring that corporation tax claims and elections are made promptly can enhance client relationships.
KEY POINTS
- Many companies have the calendar year as their accounting year.
- Many claims and elections have a two-year window and must be made by 31 December.
- Loss claims for consortia will require approval of all relevant companies and time required to do this must be taken into account.
- Elections to exempt profits of overseas branches must be made before the exemption can apply.
- Tax may have been paid under CTA 2010 s 455 some years earlier and should be kept under review for repayment opportunities.
For tax practitioners the impending Christmas break signals only one thing: a welter of corporation tax returns to be filed before the 31 December deadline. Many companies will have the calendar year as their financial year and must therefore file their...
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