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In-year updates – not accounts

15 November 2016
Issue: 4576 / Categories: News

HMRC has published the text of a letter by Jim Harra, tax assurance commissioner, which was published in the Financial Times on 10 November 2016:

‘HMRC will not be asking anyone to file accounts five times a year, nor will we be introducing in-year quarterly payments. Businesses will simply send in-year updates to HMRC using information collated automatically by the same software used to record day-to-day transactions. This will help businesses pay the right amount of tax, taking away the need to put things right at a later date.

HMRC has published the text of a letter by Jim Harra tax assurance commissioner which was published in the Financial Times on 10 November 2016:

‘HMRC will not be asking anyone to file accounts five times a year nor will we be introducing in-year quarterly payments. Businesses will simply send in-year updates to HMRC using information collated automatically by the same software used to record day-to-day transactions. This will help businesses pay the right amount of tax taking away the need to put things right at a later date.

‘Businesses already keeping their records digitally should see no additional costs at all. Free software will be there for businesses with the most straightforward affairs and we are looking at additional assistance with transitional costs.

‘We fully recognise that this is a significant change for some businesses which is why we’re introducing it gradually as well as...

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