CTM92690 - CTSA: quarterly instalments: SA recorded

Companies must indicate on their company tax return if they are liable to make quarterly instalment payments.

When the return details are captured, the quarterly instalment payments (QIP) signal held in COTAX for the accounting period changes to 바카라 사이트˜V바카라 사이트™, 바카라 사이트˜L바카라 사이트™ or 바카라 사이트˜N바카라 사이트™ to reflect the entry (or absence of it) in the 바카라 사이트˜quarterly instalment payments바카라 사이트™ boxes in the return form.

Initially, therefore, computer action is based on the company바카라 사이트™s analysis of the 바카라 사이트˜QIP바카라 사이트™ status.

  • If the company says in its return that it should have made quarterly instalment payments, COTAX calculates debit and credit interest on that basis, irrespective of the size of the profits or tax charge shown in the return.
  • If the company does not say that it should have made quarterly instalment payments, COTAX assumes that it was not liable to do so. It calculates any credit interest accordingly, irrespective of the size of the profits or tax charge shown in the return.
  • However, COTAX also reviews each return to ensure that cases which appear to be QIPs cases, but do not have the 바카라 사이트˜V바카라 사이트™ or 바카라 사이트˜L바카라 사이트™ signal set, are considered. It does this by checking the level of profits, tax payable and number (if any) of associated/related 51% group companies. Any apparent QIP cases are put on the Quarterly Payer Review List (QPRW).

COTAX also puts onto the QPRW cases which do not appear to be QIP cases, based on the level of profits, tax payable and number (if any) of associated companies.

Review entries on the QPRW as part of the review of a company바카라 사이트™s return. See the COTAX Manual (COM) in the business area 바카라 사이트˜Payments바카라 사이트™ for guidance on dealing with cases on the QPRW.

COTAX cannot apply the 바카라 사이트˜special cases바카라 사이트™ exemption at REG3 (3) (see CTM92530), so a fairly high proportion of cases that COTAX 바카라 사이트˜thinks바카라 사이트™ should be quarterly instalment payers may escape under that provision.

HMRC does not regard correspondence about a company바카라 사이트™s 바카라 사이트˜QIP바카라 사이트™ status of itself as a 바카라 사이트˜SA바카라 사이트™ enquiry within FA98/SCH18/PARA24 - see the Enquiry Manual.