Tax Planning Ideas for Businesses Affected by Covid-19

As we enter the third year of the global pandemic, the far-reaching implications of COVID-19 on businesses are far from over. Many organisations are left wondering how to effectively manage their tax losses arising from this period of uncertainty.

Is your business affected by Covid-19 and as a result deriving or accumulating tax losses? Is there anything you can do to utilise these tax losses timely before they are forfeited or expire? Are there legitimate tax planning strategies you can explore to utilise, defer, or carry back/ carry forward them to the future when the business turns the corner?

Or is part of your group suffering losses but the remainder paying cash taxes? Is there a way to reduce the overall group effective tax rate? Or has your group been contemplating a restructuring and wondering when is it a good time to press the button?

Have you considered utilising group relief provisions, carrying back and forward of tax losses, structuring and booking transactions in the right locations, timing or tweaking the steps of the restructuring your group has been planning for, stepping up the value of a business through restructuring or amalgamations, etc? Different scenarios and commercial considerations require different techniques and involve a variety of conditions to be met.

How we can help

If you find yourself in any of these situations, look no further. We have the expertise to meet all your tax needs amidst the continued global pandemic and increasing regulatory scrutiny.

At Mazars, we offer more than just an initial tax assessment. Our global footprint and deep international tax expertise can support your business needs.

Have a chat with us today to explore legitimate tax planning strategies.

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