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HMRC have released, 'Timely payment: summary of responses'. These responses include views on the opportunities and challenges of using in-year calculations to calculate Corporation Tax for small companies and Income Tax liabilities.

Responding to the Call for Evidence: Timely payment and the Call for Evidence: Tax Administration Framework, HMRC believe that timely payment, which will reduce the gap between the payment of tax and the income on which that tax is due, could help give taxpayers greater certainty over their liabilities and spread tax payments over time as well as reducing the non-payment tax gap. HMRC notes that:

Following the responses the government outines the following next steps:

Useful guides on this topic

Call for Evidence: Timely payment
HMRC have opened a new call for evidence about the timely payment of Corporation Tax by small companies, and Income Tax. It seeks views on the opportunities and challenges of introducing in-year calculation and payment of these taxes.

Call for Evidence: Tax Administration Framework
HMRC have published a Call for Evidence entitled ‘The tax administration framework:  Supporting a 21st-century tax system’. It seeks views on how the framework might be reformed.

External Links

Timely payments: summary of responses


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