ICAEW urges HMRC to rethink quarterly reports under MTD for corporation tax

The Institute of Chartered Accountants in England and Wales (ICAEW) has urged HMRC to rethink the requirement for companies to report quarterly under Making Tax Digital for corporation tax (MTD for CT).

In response to HMRC's consultation on expanding the MTD initiative to corporation tax, the ICAEW suggested that HMRC should reconsider reporting requirements 'at the very least for businesses below the VAT registration threshold' and other organisations including those that require a senior accounting officer.

The Institute argued that quarterly reports would merely consist of cash in and out transactions.

The ICAEW said:

'These reports will tell HMRC very little about the true accounting or tax results of the company for the quarter concerned.

'The additional burden placed on companies in providing quarterly reports is not justified and should not be introduced until digital record keeping has become established and the software available is shown to work efficiently for companies and HMRC.'

Internet link: ICAEW website

Quickbooks BTC Inform Direct Vantage Form Protect

Address

Anavrin Limited, 113 Altwood Road, Maidenhead, Berkshire SL6 4QD

Contact us today!

01628 671867 - info@anavrin.co.uk

© 2024 Anavrin Limited. All rights reserved. powered by totalSOLUTION
Company Reg No 5249733, Registered in England & Wales. VAT No 838 6323 07.

We use cookies on this website, you can find more information about cookies here.