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Where Taxpayers and Advisers Meet

Joint venture

Posts: 1
Joined: Wed Nov 18, 2020 10:27 pm

Joint venture

Postby driveby » Wed Nov 18, 2020 10:33 pm

A uk abcLtd that has a JV agreement with another uk 123Ltd. It has come to light over 2 years abcltd has accidentally retain funds due to 123Ltd. abcLtd has paid corporation tax on these funds along with other profits and they are retained within the company.123ltd is happy for them to be repaid over a period of time to maintain the relationship. how would abc recover the corporation tax paid IE if £100k was due this is retain as only £80k now having paid corporation tax?

Posts: 3346
Joined: Sat Feb 01, 2014 3:26 pm

Re: Joint venture

Postby bd6759 » Thu Nov 19, 2020 10:21 pm

If in time, amend the return.

If out of time, an overpayment relief claim.

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