Use of representative periods or projections
Where trading is expected to go back to normal in due course, representative income streams from previous tax years up to three years back will be accepted as the basis for undertaking calculations.
In relation to proposed activities that were suspended because of COVID-19, it will be possible to submit projected income figures, supported by business plans, as a basis for recovery. A particularly useful concession is the potential to count taxable turnover that was refunded to customers when events were cancelled. All approved methods will be ‘temporary’ and businesses and charities alike will be expected to revert back to their usual method after one year - unless COVID-19 is still preventing normal activity.