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20
Mar

COVID-19 Tax Tips

Posted on in COVID-19
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Firstly, we fully understand that the events of recent days and weeks have created a lot of uncertainty and concern within the business community.  We would like to reiterate our previous commitment to you that LBW is here to support and assist you through these difficult times.  

Furthermore, as part of our ongoing support and proactive approach we continually review our client’s circumstances.  This approach is now more important than ever due to the worrying and uncertain times we find ourselves in.

We have compiled a quick guide to some of the options available and which we are exploring for you to assist your cash flow concerns.

  • As we near the end of the tax year (5 April 2020), it may be advisable to get your tax return in as soon as possible after 6 April 2020.  This could be important as it could generate a potential refund of part of your January 2020 tax payment. 
  • Following the above advice, we may have potential to reduce your 31 July 2020 payment on account (if applicable). 
  • Getting your return in early, doesn't bring forward any tax payment dates, but it does bring forward tax refunds.
  • If you make a sole trader or partnership tax loss to 5 April 2020, we may be able to generate a tax refund by carrying the loss back to 5 April 2019.
  • If you're a start-up sole trader or start-up partnership any tax loss to 5 April 2020 can be carried back 3 years to generate a tax refund from your previous PAYE job or other sources of taxable income.
  • If you're a limited company and make a loss in your current year end, we could potentially carry it back by a year to generate a tax refund if you have paid corporation tax in the preceding year.
  • As a result of Government advice encouraging more home working we will claim maximum costs against your taxable income for your use of home as office.
  • Whilst we appreciate the thought of getting your tax return information to us as soon as possible after the 5 April 2020 may be the last thing on your mind.  Clearly the sooner we receive the information the sooner you may be able to benefit from the above.
  • We have had experience of the new HMRC helpline.  Whilst call waiting times can be high, HMRC so far have been sympathetic to the situation.  They have addressed the tax payers worries and have been helpful in agreeing deferrals of tax liabilities.
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