For a growing company, a useful tax review starts with the figures and decisions behind its returns. Check whether the tax balances reconcile, significant treatments are supported and upcoming payments are reflected in the cash forecast.
HMRC’s 2026 Transformation Roadmap describes a continuing move towards digital services and data-led compliance. It does not create a single new filing obligation for every company. Identify the rules relevant to your activities and accounting period rather than assuming that every announced reform applies.
Where should the finance director start?
| Area | Question to resolve | Evidence to retain |
|---|---|---|
| Corporation tax | Does the estimate reflect current taxable profits, reliefs and the correct associated-company count? | Computation, ownership chart, reconciliation to the accounts and payment schedule. |
| VAT | Do filed returns reconcile to the ledger, and are unusual transactions treated consistently? | Return reconciliations and support for significant treatments. |
| Employment taxes | Do payroll, benefits and expense arrangements agree with submitted information? | Payroll reconciliations and documented review with the relevant adviser. |
| Director and group balances | Have funding, ownership or repayment arrangements changed? | Agreements, ledgers, repayment evidence and the tax assessment. |
What if a reconciliation does not agree?
First establish whether the difference is timing, an accounting adjustment or a possible filing error. Record the amount, affected period, underlying evidence and person responsible. Ask the relevant tax adviser to assess the correct correction or disclosure route before making an unsupported adjustment to the next return.
Accounts and tax returns need not contain identical figures. Depreciation, disallowable expenditure, capital allowances and other adjustments can create valid differences. The requirement is a clear reconciliation, not forced agreement.
What should reach the board?
- Significant uncertain tax positions and unresolved historic issues.
- Cash-tax payments expected over the forecast period, including downside scenarios.
- Changes in ownership, associated companies, overseas activity or financing that need review.
- Actions with an owner and deadline, including information required from external advisers.
Keep personal and company rules separate
MTD for Income Tax concerns eligible individuals with self-employment or property income. It does not put a limited company into quarterly income-tax reporting. Directors’ personal obligations should be reviewed separately from company compliance.
Sources and further guidance
For a specific ownership or funding change, read our guide to associated companies and loan repayment.
Discuss your next step
Bring your latest accounts, ownership structure and a summary of the transactions or changes you need to assess. We can agree the appropriate scope and any specialist input required. Discuss your corporation tax position
Reviewed 26 September 2026. General guidance; the appropriate approach depends on your organisation and circumstances.