Good news for accounting officers in large companies
The Budget and Finance Bill both contained reference to a new obligation on senior accounting officers of ‘large’ companies having to sign tax compliance certificates each year.
The Finance Bill used the Companies Act definition of ‘large’ and thus brought many thousands of directors and finance directors within the new obligation, which was generally seen as onerous and unhelpful.
The Government has now amended the Bill. As a result the provisions will only apply to companies or groups that have an annual turnover of more than £200 million, and/or a balance sheet total of more than £2 billion.