HM Revenue and Customs (HMRC) paid £4.6 billion in rebates to 286,000 businesses in the 12 months to May 2013, according to data published by accountancy firm UHY Hacker Young.

Many companies pay corporation tax in instalments based on projected profits; if they don’t meet these profits – or make a loss – then the government pays back the difference.

A large number of tax rebates implies more businesses are falling short of projected profits. The Hacker Young figures show an average refund of £16,000 per company.

Roy Maugham, tax partner at Hacker Young, said: “UK businesses are still finding that they are overpaying their corporation tax in the billions of pounds.

“It shows how important it is for companies to regularly review any overpayment of tax as HMRC will not be looking to see if they owe them money.”

Mr Maugham also called on HMRC to return corporation tax quickly, saying they can take between 12 and 24 months to arrange – which for a struggling firm could be too long.