Deferring Payment Of Corporation Tax
B Ltd has profits which fluctuate from year to year.
It made £1,000,000 in the last trading year, but lost £750,000 in the first 6 months of the current year.
Cash flow is currently tight, but if the directors do nothing, tax of £200,000 will become due in 3 months’ time.
All that is required is a change in their ‘accounting reference date’, within the time limits prescribed, and they can reduce that payment to just £50,000.
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