What extra duties have been given to senior accounting officers?
This new tax reporting requirement has attracted much comment and was entirely unexpected. Fortunately, the new rules will only apply to the largest social housing providers, either now or in the years to come. Will it apply to social landlords? Perhaps, but only very large social housing providers. The test is that the company or group must satisfy either or both of the following criteria in the previous financial year: • the company (or group) has a relevant turnover of more than £200 million; • the company (or the group) has a relevant balance sheet total of more than £2 billion. So this new reporting requirement won’t apply to social landlords? Perhaps not now, but it may in future as landlords grow. So they will need to be aware of this new tax reporting requirement. What will landlords need to do? The new rules are complex and apply to virtually all taxes, including corporation tax, PAYE and VAT. In very broad terms, the senior accounting officer must take reasonable steps to ens
