Sole-traders and partners
If the results for the accounting period ending in 2008/09 are
down on the preceding year, consider:
- claiming a reduction to the 2008/09 interim income tax
payments, due on 31 January and 31 July 2009
- making a loss relief claim outside of the tax return, if the
accounting period has ended and the tax loss is quantifiable. (The
Pre-Budget Report included an announcement to extend loss relief
carryback, capped at £50,000.)
We have a briefing note which outlines the tax payment date
rules for these and other individuals, and the options available
for managing the cashflow impact of those payments.
Where small and medium-sized businesses are facing cashflow and
credit constraints there has been a rebranding and revitalisation
of the existing 'Time To Pay' facility, whereby businesses
in difficulty may spread their tax payments over an affordable
timetable through the Business Payment Support Service.
