Businesses may be entitled to claim corporation tax repayments for anticipated losses, before the end of the current accounting period. HMRC updated their guidance earlier this week, in response to the exceptional circumstances facing companies during the pandemic and following pressure from the accounting and tax professions. This could be hugely helpful to many businesses expecting significant losses in the coming months, particularly those in the hardest hit industries such as travel, entertainment and hospitality.
HMRC will consider claims on an individual basis and companies will need to provide sufficient evidence to support a claim such as: revised profit and loss forecasts, management accounts, draft tax computations, along with relevant reports and documentation.
If this is something you would like to explore, our corporate tax team can help you prepare your case and the necessary documentation for your claim. Please speak your usual on contact or call one of our corporate tax experts on +44 (0)330 024 3200 or email hi@hhllp.co.uk.