Switch to corporation tax puts pressure on tax agents
Tax agents will be in the firing line from April 2020 when non-resident corporate landlords must switch from paying income tax on UK profits to paying UK corporation tax.
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The company must inform HMRC in writing if it wants to draw up accounts to a different date. It should also tell HMRC if it already has a CT UTR number.
This bothers me, since this explicitly means that the taxpayer must manage HMRC systems, and this is the thin end of a very large wedge. If such requirements are introduced in the wider sphere, it will make HMRC largely redundant other than collecting (rather than assessing) tax and enforcing penalties.
I understand why this has been done and dont anticipate much increase in the work done by the tax agent.
Regarding Stel.acca cmment - this appears to be the way the that HMRC is going. Look at the NIC2 farce
Hi Rebecca
For a NRCL that is already registered under the NRL scheme, do you think it will have to re-register under the Corporation Tax regime in order to maintain gross payment status?
Thanks