HMRC has therefore reviewed and updated its guidance
Large companies and very large companies are required to make payments on account of their estimated tax liability in advance of the year-end.
As a result of the Coronavirus pandemic, HMRC have recognised that it may be that the earlier estimate is now incorrect, and payments made would not have been needed.
HMRC has therefore reviewed and updated its guidance. This guidance covers early repayments of corporation tax quarterly instalment payments in response to receipt of a number of claims and requests from taxpayers, agents and professional bodies.
This means that companies can, in exceptional circumstances, make earlier claims for repayment of their instalment payments for an accounting period.
A revised calculation of the liability may take into account anticipated losses of the current accounting period that has not yet ended. Companies will need to provide full evidence to support these claims. The evidential requirements will depend on the particular facts of the claimant companies.
Please contact us if you need further advice.