More financial analysts are evaluating the efficiency and performance of businesses following the negative economic situation over the past 12 months, PricewaterhouseCoopers says.
It believes there are many ways firms can improve the efficiency of their tax affairs or provide short-term cash flow benefits from managing their tax payments.
Richard Farnsworth, tax director at the professional services firm, says: "We are starting to see more engagement with clients on areas such as recovering overpayments in relation to quarterly payments of corporation tax and accelerating refunds of tax paid in previous periods if they are now loss making, as well as more applications to pay tax later than would normally be the case."
He suggests companies and their
accountants look to improve cash flow by managing tax affairs more effectively.
This can be done through making quarterly corporate tax payments on the basis of expected results rather than budgeted figures, using research and development tax credits, disposing of business assets to raise cash and utilising salary supplements.
The Recruitment and Employment Confederation warned last week that the cost of supplying temporary workers could increase under new tax rules.
According to Tax-news.com, changes will involve VAT of 17.5 per cent charged on temporary staff's wages.
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