Corporation Tax refund - where can I put it?

[MeathCommute]

Hi. I have a limited company, and I paid preliminary Corporation Tax of €3500 last October, from my business account. I have just completed returns for 2019, and there is a refund of €2500 owed to me, as an overpayment. If I put this back into the business account, can I remove it without paying tax on it? Or is it the case that because I paid the preliminary tax out of gross income in the first place, I have already saved on tax?

 

[Brendan Burgess]

there is a refund of €2500 owed to me,

No, the money is owed to the company and not to you.

The money belongs to the company and not to you.

Any payment from the company to you is subject to income tax.

 

[MeathCommute]

No, the money is owed to the company and not to you.

The money belongs to the company and not to you.

Any payment from the company to you is subject to income tax.

Many thanks Brendan