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 10”), provided electronically. This would include information that supports the calculation of the provisional tax payment as its made during the year (for example, cost of goods sold) and exclude information that Inland Revenue won’t process until the end of the year (for example, rates, as its collected for statistical purposes only). We are interested in your views on submitting information to Inland Revenue on a more regular basis and discuss the information itself in the detailed policy section.
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 access the raw data held within the software itself and just receives an electronic version of the preagreed form.
More regular provision of information during the year may provide opportunities to simplify the end of year tax return process in the future.
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