Corporate Tax

The UK Tax Service explains coronavirus help funds reporting on corporate tax returns

Daily tax report: International

December 1, 2021, 5:00 a.m.

The UK’s HM Revenue and Customs updated the guidelines on November 29th, which clarified the reporting rules for certain coronavirus support payments in corporate tax returns. Taxpayers who receive amounts under certain payment systems in support of the coronavirus must: 1) include them in their taxable income when calculating taxable profit in accordance with relevant accounting standards; and 2) report them separately on your corporate tax return. [United Kingdom, Government Portal, 11/29/21]

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