HMRC Compliance Checks for Small Business
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Small Businesses and their accountants have been warned to ensure they are in compliance with the upcoming changes to HM Revenue and Customs' (HMRC) tax checks framework. As of April 1st 2009, the department has one all-encompassing tool kit of safeguards and powers which includes VAT, income taxation, PAYE, corporation tax, capital gains taxation and the Construction Industry Scheme. Importantly for accountants, the government's taxation arm will be handed a new set of inspection rights, meaning it is essential that records are kept and deadlines for tax returns are met. Among its new powers, HMRC will also be able to check a taxpayers premises and assets and inspect statutory business records with no right of appeal. |
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Another major alteration to compliance checks which agents should keep in mind is that the government has now cut the six-year time limit imposed on claims on assessments for income taxation, corporation tax and capital gains taxation down to four-years.
In cases of VAT claims, this has now been increased by a year to four years.
A spokesman for HMRC, Dave Hartnett, reassured agents that the changes should not provide too much unnecessary difficulty.
He commented: "This new approach to compliance checks will improve HMRC's ability to ensure that the right tax is paid at the right time."
"We have consulted with taxpayers and their accountants to make sure that HMRC achieves the right balance between obtaining the information and appropriate use of our powers."
How we can help
If you have concerns about your business and it's compliance status with HMRC then speak to a TaxAssist Accountant today on 01344 240042.
Compliance is a vital part of our service as we work with our clients to ensure they are filing everything correctly. We also offer tax investigation insurance should to safeguard your business if it is investigated by HMRC.
Help & Advice
Contact us now so we can discuss your requirements; call us on: 01344 240042 Or fill in our Contact form and we will call you back.
