Filing of VAT and Company Tax Returns

Filing of VAT and Company Tax Returns

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On the basis of a report by the Comptroller and Auditor General, this report examined HM Revenue and Customs on getting VAT and Company Tax returns in on time, encouraging businesses to file tax returns online. The Department spends over Ap9 million a year on processing nine million VAT and Company Tax returns but one in five Company Tax returns and one in seven VAT returns are filed late or not at all. The Department lacks information on businesses that repeatedly file late and the links between late filing and other forms of non-compliance. The penalty regimes are variable and the fixed rate penalties for Company tax are low and not routinely applied, so the Department should also look at non-financial incentives such as tax clearance certificates. Less than 10% of companies' use online filing and the Department does not expect to meet its target of getting 50% of VAT returns filed online by 2007-8 and plans for mandatory online filing for Company Tax have been put back to 2010. Online filing would save the Department most of its current processing costs and be cheaper for businesses. Additional plans to reduce the administrative burden of filing taxes are unlikely to be implemented before 2011.Q82 Mr Khan: I suspect the biggest complaint that businesses have that file both a VAT return and a corporation tax return ... Q85 Mr Khan: You have dealt with issues about customer service and reducing the cost of business and I have taken on ... who do not file on time, predominantly because a very large proportion of those non-filers quite quickly are not in business. ... It says that you raised 450, 000 penalties for late filing of company tax in 2005-06 but you are not sure of the overallanbsp;...

Title:Filing of VAT and Company Tax Returns
Author: Great Britain: Parliament: House of Commons: Committee of Public Accounts
Publisher:The Stationery Office - 2007-12-04

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