Tax Day Negotiations
ACCA confer with members to notify about responses on future tax directions
ACCA published a call to members and received around 70 written responses. In addition, it held three Talking Tax sessions with members outlining the proposals from HMRC and discussing how these new policies could be structured to support their businesses and clients.
Informed by member feedback, ACCA submitted three responses to HMRC, which make a number of suggestions for improved customer engagement and trust, and simplification of tax, as well as highlighting a number of potential risks.
ACCA has now begun follow-up engagement with HMRC and will continue to work with officials on implementation.
HMRC is proposing new methods for timely payment of tax – for example, bringing the calculation and payment of tax on Corporation Tax Self-Assessment (CTSA) and Income Tax Self-Assessment (ITSA) closer to the point of when the income or profit arises, paying tax based on the taxpayer’s current year position using up-to-date data where possible.
ACCA supports HMRC’s proposals for a modernised system for more timely payment of tax. It recommends that this also include repayments and refunds to customers, providing an opportunity for HMRC to uphold its commitment under the charter to be more responsive and improve customer trust.
Abmagazine.accaglobal.com. 2021. Tax Day consultations. [online] Available at: <https://abmagazine.accaglobal.com/global/articles/2021/aug/technical/tax-day-consultations.html> (Accessed 26 August 2021).