Transfer or refund of advance tax payments
As a result of the economic crisis, it could be that your company's results are lower than expected. Consequently, the advance tax payments made by the company may have been too high. Your company does not need to wait till the end of the second month following the notice of assessment (the end of 2010 or beginning of 2011) but can transfer or recover all or part of the excess in order to optimise its cash flow.
You can apply for a full or part refund of any excess advance tax payments OR the company can transfer (part of) the excess to the next accounting year. Sums that are transferred will be considered as an advance tax payment for the first quarter of the next accounting year. Hence, the advance payment will qualify for maximum relief.
The company only has until the end of the second month after its accounting reference date (i.e. the end of February for companies whose books close on 31 December) or 1 month following the date the summary of advance tax payments is sent out to apply for a refund or transfer.
What can PwC offer you?
PricewaterhouseCoopers can help you by providing the following services:
- assistance in reviewing the tax provision
- assistance in reviewing the tax due for the financial year
- assistance regarding refund/transfer of excess advance payments
- general advice on advance tax payments
