Reporting company payments to participators
Read the full outcome
Detail of outcome
The government will not implement the new reporting requirements at this time. The consultation responses demonstrated that companies are struggling to meet their existing reporting obligations. More consideration needs to be given to embedding fundamental tax obligations in the smallest companies before increased reporting is further considered.
Original consultation
Consultation description
This consultation seeks views on proposals to introduce new requirements to report transactions between close companies and their participators to HMRC. The aim is to explore the ways in which this population and their advisers work, ensure that any new requirements are proportionate, and support customers through any changes. This consultation will be of particular interest to close companies, their participators and advisers, relevant trade bodies, and tax or accounting software developers.