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Business Sense
Accountancy Service

The Business Centre, 132 Samlet Road, Llansamlet, Swansea, SA7 9AF

Tel :01792 310110

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Extension of carry back period for business losses

Companies and unincorporated businesses can normally carry back losses against profits of the previous year although there are special rules allowing a carry back for three years for unincorporated start-ups and also for businesses that cease to trade. The Chancellor announced today that this three year carry back will apply to all losses subject to a maximum loss carry back of £50,000 to the earlier two years of the three year carry back period. This will result in businesses being able to claim refunds of tax paid in the earlier years. For companies this will be effective for losses arising in accounting periods ending in the period between 24 November 2008 and 23 November 2009 and for unincorporated business it will apply to the losses in accounting periods ending between 6 April 2008 and 5 April 2009. HMRC will make repayments arising from such loss relief claims arising under the new rules on or after Budget Day 2009.

Business Sense Accountants, The Business Centre, 132 Samlet Rd, Llansamlet, Swansea SA7 9AF Tel 01792 310110

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