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CIGMA Accounting

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Corporation Tax relief may be available where a company or organisation makes a
trading loss. The loss may be used to claim relief from Corporation Tax by
offsetting the loss against other gains or profits of the business in the same
accounting period.

It is also possible to carry a trading loss back in order to claim relief from
Corporation Tax by offsetting the loss against profits in previous years.
Carrying back a trading loss allows companies to seek relief for the losses by
carrying them back to an earlier profit-making period resulting in a reclaim of
Corporation Tax.

Usually, such a claim can only be made once a Corporation Tax return has been
prepared and submitted to HMRC. Losses may only be carried back against profits
of a preceding accounting period if the company was carrying on the trade (in
which the loss was incurred) at some time in that accounting period.

Any claim for trading losses forms part of the Company Tax Return. The trading
profit or loss for Corporation Tax purposes is worked out by making the usual
tax adjustments to the figure of profit or loss shown in the company’s or
organisation’s financial accounts.

It is also possible for certain losses that a company has not used in the same
accounting period or carried back to be offset against profits in future
accounting periods.

Source:HM Revenue & Customs| 07-11-2022
EXCELLENT
Based on 122 reviews

Mark Leggott
24 October 2024
Trustindex verifies that the original source of the review is Google.
CIGMA Accounting are fantastic. From the minute I enquired about my tax return
to finalising it they were brilliant. Helpful, knowledgeable and thoughtful
throughout the whole process. Will definitely be using them for the foreseeable
future. Thank you to the whole team on the great work you do!
Read more
Sal Taylor
2 October 2024
Trustindex verifies that the original source of the review is Google.
Alessandra was great. Helpful, professional, explained things very clearly and
always replied quickly.
 
David Carrozzo
20 September 2024
Trustindex verifies that the original source of the review is Google.
Great service, no headaches with them! very efficient and polite too! No regrets
I've chose them!
 
Valmy R Parisaca Salazar
16 September 2024
Trustindex verifies that the original source of the review is Google.
Professional and reliable!
 
david thomas
6 September 2024
Trustindex verifies that the original source of the review is Google.
Excellent service, good communication throughout.
 
Alan Edwards
8 August 2024
Trustindex verifies that the original source of the review is Google.
Thank you Cigma for your friendly and efficient accounting services! Alan
 
Reza Sheikholeslami
21 July 2024
Trustindex verifies that the original source of the review is Google.
Hammad has helped me a lot making sure I manage my finances the best way
possible.
 
Richard Mattis
15 July 2024
Trustindex verifies that the original source of the review is Google.
A very easy company to work with. They are very approachable, professional,
knowledgeable and understanding team who work hard to ascertain your specific
needs. Would recommend to anyone who is running a small medium sized company.
Read more
Sofia Gardini
27 June 2024
Trustindex verifies that the original source of the review is Google.
Very disappointed with this company. I always tend to have a positive approach
and give people second chances, so the first few months I thought they were just
adjusting and learning things about my business but I was wrong. Calls were
rarely returned, junior accountants never knew what was going on and had to
explain things over and over again. Picked up on multiple mistakes and had a few
conversations with Haroon who promised to solve issues by never did. I "had to
stay with them until I completed one year as I had paid them to do the accounts
and did not want to lose the money. Now that I have a new accountant I cannot
understand how I could have possibly stayed with Cigma for that time. They do
not know how to treat a customer, be prompt and thorough. I am certain lots of
reviews here are fake so this is how they lure clients (included me). They took
months to do my accounts, and LOTS was wrong! Shameful - I never write bad
reviews but I honestly don't want anyone to fall in their trap! All they are
interested is making money and that's it! Stay away.
Read more
Future Computer
24 June 2024
Trustindex verifies that the original source of the review is Google.
Excellent service from Haroon & the team
Keep up the good work guys !
 


CIGMA Accounting would like to help you grow. We believe that a truly brilliant
accountant won’t be the hero you want, but the ultimate wingman that you
deserve.

© 2024 Cigma Accounting Ltd.


KEY SERVICES

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CONTACT US

+44 2045 518463
info@cigmaaccounting.co.uk

Office 1:

CIGMA Accounting LTD
165 – 167 The Broadway
Wimbledon
London, SW19 1NE

Office 2: 
CIGMA Accounting LTD
127 Farringdon Road,
Farringdon,
London, EC1R 3DA

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