TaxCorporate TaxCIOT slates filing deadlines plan

CIOT slates filing deadlines plan

Proposal, backed by both government and Tories, would increase burdens on business not reduce them

The Chartered Institute of Tax has issued a sharply worded riposte to
government plans to align corporate filing at Companies House and the Inland
Revenue, announced at the CBI conference.

‘The [proposal] appears to have been written by someone with little or no
experience of preparing a corporation tax computation,’ the response to the
government’s consultation reads.

‘Corporation tax (CT) computations and returns are prepared using the
statutory accounts as the starting point. The documents suggests that it is
deregulatory or less burdensome to require CT computations to be filed
effectively on the same day as the statutory accounts on which they are based.
In our view, this is the opposite of the case.’

The CIOT says that the burden is in the calculations of tax liabilities:
‘Whether two copies of the accounts have to be submitted, one to Companies House
and one to HMRC, or only one copy, is of very little consequence.’

The CIOT also objects to the notion of reducing the filing deadline for
corporation tax returns from 12 months to 7 months, describing it as ‘neither
feasible nor reasonable.’

The sharp response will be embarrassing to both major political parties too:
John Redwood proposed a similar plan last week as evidence of the Tories’ desire
to deregulate business.

To read the CIOT’s response go to
www.tax.org.uk/showarticle.pl?id=4106

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