Corporate scrapings at the bottom of the Emergency Budget fish paper
Wed 08 Jul 2015
Every budget includes an element of parish notices for forthcoming changes, housekeeping and re-hashing of previously announced measures. George Osborne’s Emergency Budget is no different when it comes to corporate taxes. Outside of both the headline grabbing announcements and the significant changes hidden in the detail of the HMRC notices, there are a range of lower key changes which will be the devil in the detail for those in the corporate world.
Two areas on which more detail is awaited are:
Again, these will be subject to consultation but after the introduction of the Senior Accounting Officer obligations and the risk based relationships managed by HMRC Customer Relationship Managers, it appears HMRC are continuing their trend of dictating to corporates what self-assessment actually means as well as potentially setting in advance benchmarks for behaviours which, if not met, could then be defined as “careless”.
A number of these measures build on those previously announced as part of the Autumn Statement in 2014 and earlier. The Summer Finance Bill 2015, published on 15 July 2015, will include:
Other housekeeping matters include:
For more information, please contact Greig Simms at greig.simms@mazars.co.uk
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