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The CIOT is urging the government to provide timely relief for losses suffered by companies in the pandemic period, similar to that used in the past to keep more businesses afloat in an economic crisis.

Currently, if a company or organisation is liable for corporation tax and makes a loss from trading, they can set that loss against profits in the previous 12-month accounting period, reducing their corporation tax bill for that period (and if the tax has already been paid, earning a refund).

The CIOT (Chartered Institute of Taxation) is proposing that this ‘carry back period’ be extended to three years as a short-term measure to help businesses impacted by the pandemic.

This would give a cash flow boost to businesses with a track record of paying tax because they will be able to claim a refund of corporation tax paid in the previous three years.

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Adrian Rudd, Chair of the CIOT’s Corporate Taxes Committee, said, “A three year carry back of business tax losses arising over the period of the pandemic would give businesses with a track record of making profits and paying tax, but which have suffered over the last year, a much-needed cash injection.

“There is precedent for such a measure during previous times of severe economic downturns. Similar measures were implemented in the recession around 1990 and, again (though on a more limited basis), in 2009 in response to the financial crash of 2008.”

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With over 25 years experience in contractor accountancy helping thousands of contractors, freelancers and the self employed, Dolan Accountancy has the specialist skills, reputation and credibility you can trust.

Working closely with our sister company, Contractor Umbrella, it means we can offer one low cost, fixed fee package at £105 + VAT. This gives you the flexibility of using both our Limited Company Accountancy Services and our award winning Umbrella Service, for one inclusive cost.

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  • Free Company Formation – This is where it all begins. Once you have decided on an available name, we will form your company free of charge (if using our accountancy services) and it will be ready for you to use in as little as three hours
  • Free use of Contractor Umbrella – With IR35 Legislation changes we understand that sometimes you are required to contract via an umbrella company. We will keep your limited company ticking over, while you work margin free via our sister company, Contractor Umbrella
  • A Dedicated Accountant – Your accountant will be there for any company or personal tax advice that you require. We will never outsource work, even to internal teams
  • Free Access to FreeAgent – We offer all of our clients access to FreeAgent, free of charge
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  • Unlimited IR35 Status Reviews – We will review all of your contracts for IR35 purposes and provide you with our professional opinion as to its status
  • Free Registered and Director’s Service Office Address – Sometimes you just don’t want your home address on display at Companies House. When you sign up to our accountancy services, we will offer the use of our address as an alternative
  • Your Business and Personal Taxation Needs – This includes Company Accounts, Director’s Personal Tax Return, VAT Returns, Payroll, Corporation Tax and Dividend advice, to name just a few

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