Back to Business: Changing Accounting Dates to Defer/Avoid Tax Liability
Practical mini-report in PDF
A Tips & Advice Special Report in PDF about...
In a nutshell
Finally, there’s some light at the end of the Coronavirus tunnel. Our editorial team has put together this Tips & Advice mini-report on changing accounting dates to help you successfully get your business flourishing again, not just now but in the months ahead.
If you have recently started to borrow, or increase your borrowing, from your close company, you are probably aware that a special charge can apply to amounts that aren’t repaid by the corporation tax payment deadline. However, the coronavirus crisis can make a looming charge seem even more punitive than it already is, eating into much-needed working capital. This report explains how changing your accounting date can defer the charge to a later date, and possibly allow you to avoid it altogether. It also explains when a change of accounting date is valid in company law so you can be sure HMRC can’t refuse the change.