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.

Further reading:

For
more visit our tax news homepage

Related Articles

‘Google tax’ nets HMRC £281m

Corporate Tax ‘Google tax’ nets HMRC £281m

1m Emma Smith, Managing Editor
OTS report: Corporation tax should follow accounts

Corporate Tax OTS report: Corporation tax should follow accounts

3m Alia Shoaib, Reporter
HMRC tax evasion assistance requests double in five years

Corporate Tax HMRC tax evasion assistance requests double in five years

3m Emma Smith, Managing Editor
Tax crackdown brings in £468m for HMRC

Corporate Tax Tax crackdown brings in £468m for HMRC

9m Accountancy Age editorial
Treasury Select Committee report released on Making Tax Digital

Accounting Standards Treasury Select Committee report released on Making Tax Digital

9m Stephanie Wix, Writer
Spring Budget 2017: Making Tax Digital

Business Regulation Spring Budget 2017: Making Tax Digital

7m Shereen Ali, Deputy Editor
Tax fraud loses HMRC £16bn

Corporate Tax Tax fraud loses HMRC £16bn

8m Emma Smith, Managing Editor
HMRC nets £2.6bn in corporate tax from big businesses

Corporate Tax HMRC nets £2.6bn in corporate tax from big businesses

9m Accountancy Age editorial