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bigduckontax, Accountant
Category: Tax
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BigDuck, you were very helpful to me before so I

Resolved Question:

hello BigDuck, you were very helpful to me before so I wanted to ask you again please.
We sold our company in 2011 and claimed entrepreneurial relief on proceeds. At the time there were some disputes in relation to additional transaction termination costs. Disputes have just completed and I have some large ish legal bills in relation to that. They are directly related to the company sale in 2011 but have just been paid. What are my tax return options – am I able to file them online in my 2015/16 return which is still open until January 2017 against 2011/12 transaction or do I write to HMRC asking them to issue refund as it’s now a few years past, or is it too late for this? Thank you
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Thank you for asking for my advice. This bill will reduce the capital gain on sale. It would, in my opinion, be adviseable to write to your tax office and seek to amend the 11/12 one rather than skewing the 15/16 Corporation Tax (CT) return. They will then give you further advice on the matter and an indication of how they would like it treated. I do hope that you find my reply of assistance.
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Expert:  bigduckontax replied 1 year ago.
Thank you for your excellent support.

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