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Quarterly tax updates for business will be light-touch, claims HMRC
Amidst a flurry of concern from advisers over plans from HMRC to get quarterly reporting of business accounts by 2018 in line with its efforts to digitise the tax process, HMRC has clarified this is expected to be ‘light touch’.
Addressing senior tax experts at the Making Tax Digital stakeholders’ conference mid-December, HMRC director general for business, Jim Harra, indicated that the filings required for Q1, Q2 and Q3 should be lighter touch, as opposed to a fully-fledged set of accounts which would be inclusive of accruals, pre-payments and stock adjustments.
The plan to compel businesses, including buy-to-let investors, to make quarterly updates, is expected to help HMRC get a more of detailed and accurate view of transactions, to raise a more accurate tax demand.
