Saturday, 26 November 2011

Crafty taxman!

Taxman is crafty! When your company makes a profit, you pay the tax on it after 9 months. But, if your company makes a loss, you will have to wait until 9 months after the end of the following year to get loss relief  and that's provided there are enough profits in the future and from the same trade to absorb the loss -  so, it could take ages! To get  loss relief earlier, you need to make a claim in writing within 2 years of the end of the accounting period which produced the loss. They certainly make it difficult for business, don't they?