Businesses are waiting twice as long for corporation tax repayments from the
taxman as a year earlier, according to advisers.
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
MTD represents 'the single most significant change to the UK’s system of taxation in recent times', says Knill James partner Nick Rawson. So, how prepared are SMEs for digital tax reporting?
The SME community voices concern about the chancellor's measures in the Spring Budget
Following chancellor Philip Hammond’s Spring Budget speech, we explore the key takeaways for businesses and individuals
Unincorporated businesses under the VAT threshold given an extra year to prepare before MTD becomes mandatory