HMRC publish Compliance Checks podcast
Small Business News – 24th February 2009
The new regime aims to simplify how business tax records are inspected, and covers areas such as access to a business’ tax records and powers of inspection. From April, all compliance checks relating to income tax, VAT, corporation tax, capital gains tax and PAYE will be carried out solely by HMRC.
New powers given to HMRC under the fresh regime mean it will be able to inspect records during a tax year before a return has been submitted, and see business records without a right of appeal.
Other measures include a four-year time limit, compared to the current six, within which HMRC can make an income tax or corporation tax assessment. The legislation will also require HMRC to give at least seven days notice prior to a visit to premises.
HMRC has urged businesses to familiarise themselves with the new compliance rules, which includes a new penalty system.