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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 6184
Experience:  FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)
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I would just like to know something about Foreign tax

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Good day I would just like to know something about Foreign tax credits for companies in the uk. Would you be able to assist?
JA: What kind of foreign tax was imposed?
Customer: Foreign withholding tax i.e. UK resident company performed services in a foreign country and was exposed to withholding tax on this income in the foreign country
JA: Anything else you want the Accountant to know before I connect you?
Customer: Yes if the foreign tax was paid in 2015, but they never claimed the FTCR in the UK tax return in 2015, can they claim it in their 2019 tax return or do they need to open their 2015 return?

Hello and welcome to JustAnswer. I am here to help you. I am reviewing your question and will respond to you shortly.
Many thanks

Thank you for your question.

You need to submit revised CT calculations for 2015 as foreign tax relates to profits reported in 2015 and not 2019.

My aim is to give you a professional service. I hope this is helpful and answers your question.

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Hi there

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Customer: replied 7 days ago.
Hi Thank you so much, I appreciate it.Just to confirm I understand the UK legislation correctly. am I correct in saying that a company a company has 4 years from the end of the year in which they incurred the withholding tax to amend their return for example: Company financial year is 1 Jan 2019 to 31 Dec 2019, so they are able to open their returns up until 2015?

Is this correct?

Thank you for your reply.

I thank you for accepting my answer.

If no specific time limit applies, then a time limit of 4 years from the end of the Corporation Tax accounting period to which the claim relates applies.

More information here

https://www.gov.uk/guidance/corporation-tax-making-a-claim-or-election

Best wishes

Customer: replied 7 days ago.
Thank you so much

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Thank you for your good words.