London, Friday 17th March
The Editor-in-Chief of AccountanyAge asked me during a live web-seminar on Wednesday what I thought about the recent announcement about HMRC using BACS for Corporation Tax Filing - it was the first I knew about it.
On further investigation it would seem that this 'Blue Sky' thinking was prematurely announced by VOCA - the banking body responsible for BACS. HMRC was embarrassed by the early announcement and of course all parties would want a representative from BASDA on the proposed steering committee.
We have found that tax filing - in particular Corporation Tax - is in the main filed by intermediaries - accountants and tax advisors, rather than by the company itself.
Of course most medium to large companies pay their Payroll and Suppliers by BACS - either directly to BACS or indirectly through their bank's proprietary systems.
It will be interesting to see how many of the Tax intermediaries are linked directly to the BACS network.
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