TaxPersonal TaxThe Big Question – One in ten not ready for CTSA

The Big Question - One in ten not ready for CTSA

One in ten companies are unprepared for the start of corporate tax self-assessment (CTSA) despite the first deadline falling in less three weeks.

The findings emerged in this week’s The Big Question survey, carried out by Accountancy Age and Reed Accountancy Personnel.

CTSA, which will come into force on 14 February, requires companies to make quarterly payments on profits exceeding #1.5m. Tax experts have attacked CTSA for being overly complex, and fear it will disrupt companies’ cashflow.

Over 200 finance directors were asked whether their organisations were prepared for the requirements of CTSA. Three in four (77%) claimed to be ready for the new system.

Rod Ash, FD of office furniture manufacturer Flexiform, said: ‘We will have to be ready, but it is an unwelcome burden. We will allocate more staff to ensure we are ready for 14 February.’

But nearly 10% (17 FDs) admitted they were still unprepared for the heavily publicised CTSA.

One FD, who preferred to remain anonymous, said: ‘We are in discussion with our auditors but should be sorted by the year-end.’

‘No preparations have been made at all,’ added another candid FD.

Related Articles

Inheritance tax is 'unfit for modern society' and should be abolished, says think tank

Personal Tax Inheritance tax is 'unfit for modern society' and should be abolished, says think tank

3w Alia Shoaib, Reporter
Rent-a-room relief – the survey says…

Personal Tax Rent-a-room relief – the survey says…

2m Helen Thornley, ATT Technical Officer
What should the OTS prioritise in its review of inheritance tax?

Personal Tax What should the OTS prioritise in its review of inheritance tax?

4m Alia Shoaib, Reporter
LITRG urges government to consider tax changes in disability work plan

Administration LITRG urges government to consider tax changes in disability work plan

5m Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

6m Emma Smith, Managing Editor
HMRC urged to clarify impact of income allowances on Self-Assessments

Personal Tax HMRC urged to clarify impact of income allowances on Self-Assessments

7m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

8m Emma Rawson, ATT Technical Officer
Wealthy individuals could circumvent top tax rate rises

Personal Tax Wealthy individuals could circumvent top tax rate rises

9m Alia Shoaib, Reporter