Large businesses must comply with a new requirement to disclose to HMRC ‘uncertain tax treatments (UTT)’ in Corporation Tax, VAT and PAYE returns due to be filed on or after 1 April 2022. This is a significant change, including for those businesses with a ‘low risk’ rating.
Transactions and decisions having a tax impact being made now are potentially within scope - and possibly some made earlier too.
In our flyer below we look at the impact of this new regime and what it means for you and your business. Now updated for the draft guidance recently issued by HMRC.