Receive Tax Credit – Following submission of your tax return, you will be due a tax benefit. If you weren’t profitable during the tax period, you may be due a tax credit or repayment too.
- HMRC typically takes four to six weeks to process a claim and the credit is paid directly into your bank account.
- If your business is profitable your overall corporation tax bill will be reduced, or if you have already paid your bill for the period, you will receive a repayment.
- If your business made a loss for the period, you will receive a cash credit in exchange for surrendering the increased losses to HMRC.
Once your tax return has been submitted:
- You will be due a tax credit
- You may be due a tax credit or refund if you made a loss during the tax period