COVID-19 – Potential to advance the opportunity to reclaim corporation tax

To reflect the exceptional trading position many companies find themselves in during the Covid-10 pandemic, HMRC has updated its internal guidance regarding companies making claims for repayments of corporation tax based on anticipated losses, and claiming a repayment of corporation tax paid under the quarterly instalments regime.  Companies wishing to make such a claim will be required to provide evidence to substantiate the claim and to support the quantum of losses anticipated. As HMRC will review each case on its merits, it will be important to provide as much evidence as possible, i.e. revised P&L forecasts, management accounts, draft tax computations, reports from the board concerning the company’s trading position etc.

https://www.gov.uk/hmrc-internal-manuals/company-taxation-manual/ctm92090

https://www.gov.uk/hmrc-internal-manuals/company-taxation-manual/ctm92650

At Whiting & Partners we are doing everything we can to help ease the burden you and your business are under during these worrying and uncertain times.  If you would like to speak to someone about corporation tax please reach out to your usual Whiting & Partners contact.

Disclaimer - All information in this post was correct at time of writing.