It is proposed that where information is automatically supplied to Inland Revenue through interaction between Inland Revenueâ€™s and taxpayersâ€™ existing financial systems a return may not be required in the traditional sense.Â
However, it is proposed that at a specific point in time a business that automatically supplies information is required to confirm the aggregate final figures. Confirming the aggregate final figures is a proxy for a business having interpreted and applied the law to the facts relating to their own financial affairs, and shows an intention that the amount of tax determined is final. It is at that time that the self-assessment can be treated as triggered, which allows for the remainder of the return process to follow - for example payments becoming due or the application of interest/penalties etc. It also would allow for corrections to the underlying figures where errors in the businessesâ€™ systems exist/occur.
If the supply of regular information is automated through the use of business accounting systems, will the time at which the aggregate final figures are confirmed be an appropriate point of self-assessment?