Given the impact of the Covid-19 pandemic and the associated lockdown, it is more vital than ever for businesses to ensure they are maximising their reliefs and take full advantage of the governments offering. These incentives and reliefs can reduce tax payments owed to HMRC to retain cash or potentially generate cash repayments from HMRC.
There are a range of valuable options available, which are outlined below and they provide generous tax deductions that reduce profits or increase taxable losses, (some of which can be converted into cash payments).
Most businesses will have accrued tax debts during the second quarter of 2020 simply due to the automatic deferral of VAT payments between 23rd March and 30th June 2020, which HMRC has implemented. Many companies will also use Time to Pay arrangements for PAYE and NIC, and potentially Corporate Tax, and so other tax debts may have accrued.
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