.png)
.png)
The Revenue paid £4.6bn in corporation tax refunds to around 286,000 companies in the year to 31 March 2013, according to accountancy UHY Hacker Young.
The firm’s tax head, Roy Maugham, said the figures highlighted the importance for businesses of reviewing corporation tax liabilities, with repayments sometimes taking between 12 and 24 months to organise – although two to three months is typical.
The Revenue paid £4.6bn in corporation tax refunds to around 286,000 companies in the year to 31 March 2013, according to accountancy UHY Hacker Young.
The firm’s tax head, Roy Maugham, said the figures highlighted the importance for businesses of reviewing corporation tax liabilities, with repayments sometimes taking between 12 and 24 months to organise – although two to three months is typical.
He added, “Companies have a difficult line to tread when it comes to predicting their performance for the year ahead. If they underestimate their profits, HMRC will charge them interest on the difference underpaid. Overestimate profits and they could be handing over large amounts of tax, which then have to be recovered.”
The number of approved claims for refunds for 2012/13 was down 17% on the 346,000 in 2011/12.
