With the legal framework being set out in the Finance Bill 2022, large businesses including Partnerships 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.
The objective of the new rules is to reduce the legal interpretation portion of the tax gap by flagging, at an early stage, uncertain areas which may not be apparent from tax returns. HMRC estimates that £3.2bn of the estimated £5.8bn of the 2019-20 tax gap is attributable to large businesses.
Watch our video below which summarises the key points and actions and also download our flyer on the impact and what it means for your business.