HMRC adds 'certainty' to business accounting

Date: 10th November 2009

HM Revenue & Customs (HMRC) has offered additional certainty in business accounting by issuing guidance on the new Clearances Service, which is due to handle clearance applications across a range of business taxation issues.

The new guidance also includes a mission statement from HMRC on how it would like to see such applications handled.

Aims include a target of 28 days "as the norm", during which any applications should be handled.

HMRC adds that it and its users should recognise that proportionality is needed to avoid overloading the system, calling for applications to be relevant and focused.

The new Clearances Service has been created to help ensure that such issues can be factored into business accounting within a reasonable period of time.

HMRC states that the speed of response that it aims to provide is "reasonable assured" under the new guidance.

A checklist issued by HMRC to help companies when making non-statutory clearance applications asks for certain items to be included.

These incorporate details of which taxes relate to the application, as well as the response that is desired from HMRC.

Posted by Jacob Williams