TaxCorporate TaxBusinesses waiting longer for tax repayments

Businesses waiting longer for tax repayments

UHY Hacker Young raises concerns over corporation tax repayments from HM Revenue & Customs

Businesses are waiting twice as long for corporation tax repayments from the
taxman as a year earlier, according to advisers.

UHY Hacker
Young
said that clients were waiting longer than a month for
repayments, compared to seven to 14 days average turnaround.

“The last thing businesses need is delays waiting for corporation tax refunds
– refunds to which they are fully entitled. The financial distress caused by
such delays will only add to the woes of companies already facing a struggle for
survival,” said tax manager Rob Durrant-Walker.

The tough economic conditions have seen more businesses claim corporation tax
repayments. The recent Budget saw the government announce it would allow
businesses to claim back an extra £50,000 tax relief to ease the financial
stress.

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