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Interim IR10 data

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Businesses using AIM will be required to submit information with their provisional tax payments to enable the calculation to be verified.

The option being considered is a subset of the information in the IR10 (an “interim IR10”), provided electronically. We expect that most software packages will automatically map this information from accounting records and forward it to Inland Revenue at the time of the payment. Inland Revenue will not be able to access the raw data held within the software itself.

More regular provision of information during the year may provide opportunities to simplify the end of year tax return process in the future.

Currently we are looking at including the following data points in an interim IR10:

  • Sales and/or services
  • Purchases
  • Closing stock
  • Other gross income
  • Related party remuneration
  • Exceptional items (with a heading of what it is)
  • Tax adjustments (made in period)
  • Accounts receivable (debtors)
  • Cash and deposits
  • Provisions
  • Accounts payable (creditors)
  • Current loans
  • Non-current liabilities
  • Tax depreciation
  • Untaxed realised gains and receipts
  • Drawings
  • Current account period end balance
  • Tax deductible loss on disposal of fixed assets
  • Software used with version number
  • Tax Agent details (where applicable)

"Have a system where all the info I need to send to you is itemised. That’s what my accountant does for me and then its easy for me to collect".

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