Comments on: 2009 Budget Briefing http://www.fabaccounts.com/2009/04/2009-budget-briefing/ Northampton Accountants Sun, 22 Jan 2012 12:24:18 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Bruce http://www.fabaccounts.com/2009/04/2009-budget-briefing/comment-page-1/#comment-46 Bruce Wed, 19 May 2010 21:14:32 +0000 http://www.fabaccounts.com/?p=824#comment-46 Hi Simon. We like to cower behind industry jargon such as "carry back", " carry forward lossess" etc etc because it makes us feel superior and we can justify that fee at the year end when unravelling the story of your accounts! But it's a reasonably simple concept - under the new system, you can now carry back losses 3 years. Prior to this, you could only go back one year. For example, if you made a trading profit in your last year's accounts and paid some corporation tax and this year you are making a loss, you could reclaim the value of any tax aleady paid, up to the value of the current year's loss. If there were no profits in the previous year, you could only carry those forward into the next year, under the old rules. All well and good, but no cash today! You can now go back historically for 3 years where hopefully you have made some profit and can reclaim the tax paid and get your rebate now. If you need more detail on this issue, or any other taxing matters - ask Julie, she's in charge of tax around here! Hi Simon.
We like to cower behind industry jargon such as “carry back”, ” carry forward lossess” etc etc because it makes us feel superior and we can justify that fee at the year end when unravelling the story of your accounts! But it’s a reasonably simple concept – under the new system, you can now carry back losses 3 years. Prior to this, you could only go back one year. For example, if you made a trading profit in your last year’s accounts and paid some corporation tax and this year you are making a loss, you could reclaim the value of any tax aleady paid, up to the value of the current year’s loss.
If there were no profits in the previous year, you could only carry those forward into the next year, under the old rules. All well and good, but no cash today! You can now go back historically for 3 years where hopefully you have made some profit and can reclaim the tax paid and get your rebate now. If you need more detail on this issue, or any other taxing matters – ask Julie, she’s in charge of tax around here!

]]> By: Nick Morton http://www.fabaccounts.com/2009/04/2009-budget-briefing/comment-page-1/#comment-15 Nick Morton Wed, 29 Apr 2009 17:46:50 +0000 http://www.fabaccounts.com/?p=824#comment-15 Thanks for a great article. Many of these areas would be worth further investigation, particularly a shrinking economy and more public borrowing. Are there historic references that can be looked at for this to see what we can expect in the next few years. Thanks for a great article. Many of these areas would be worth further investigation, particularly a shrinking economy and more public borrowing. Are there historic references that can be looked at for this to see what we can expect in the next few years.

]]> By: Aileen Major http://www.fabaccounts.com/2009/04/2009-budget-briefing/comment-page-1/#comment-9 Aileen Major Sun, 26 Apr 2009 12:08:55 +0000 http://www.fabaccounts.com/?p=824#comment-9 Hi Simon. We like to cower behind industry jargon such as "carry back", " carry forward lossess" etc etc because it makes us feel superior and we can justify that fee at the year end when unravelling the story of your accounts! But it's a reasonably simple concept - under the new system, you can now carry back losses 3 years. Prior to this, you could only go back one year. For example, if you made a trading profit in your last year's accounts and paid some corporation tax and this year you are making a loss, you could reclaim the value of any tax aleady paid, up to the value of the current year's loss. If there were no profits in the previous year, you could only carry those forward into the next year, under the old rules. All well and good, but no cash today! You can now go back historically for 3 years where hopefully you have made some profit and can reclaim the tax paid and get your rebate now. If you need more detail on this issue, or any other taxing matters - ask Julie, she's in charge of tax around here! Hi Simon.
We like to cower behind industry jargon such as “carry back”, ” carry forward lossess” etc etc because it makes us feel superior and we can justify that fee at the year end when unravelling the story of your accounts! But it’s a reasonably simple concept – under the new system, you can now carry back losses 3 years. Prior to this, you could only go back one year. For example, if you made a trading profit in your last year’s accounts and paid some corporation tax and this year you are making a loss, you could reclaim the value of any tax aleady paid, up to the value of the current year’s loss.
If there were no profits in the previous year, you could only carry those forward into the next year, under the old rules. All well and good, but no cash today! You can now go back historically for 3 years where hopefully you have made some profit and can reclaim the tax paid and get your rebate now. If you need more detail on this issue, or any other taxing matters – ask Julie, she’s in charge of tax around here!

]]> By: Simon Morton http://www.fabaccounts.com/2009/04/2009-budget-briefing/comment-page-1/#comment-8 Simon Morton Thu, 23 Apr 2009 13:13:56 +0000 http://www.fabaccounts.com/?p=824#comment-8 # Loss making companies can reclaim tax paid on profits made in the past 3 years. how does this work? # Loss making companies can reclaim tax paid on profits made in the past 3 years.

how does this work?

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