business tax compliance

business tax compliance

HMRC cracks down on business tax compliance

> SMEs are being warned to keep their accounts in order as HM Revenue & Customs (HMRC) officers are likely to increase their business tax inspections from 1 April. HMRC were previously only allowed to inspect a firm’s premises and ask to see the records for the purposes of checking VAT and employer returns. From 1 April, this process has been extended so that officers can check businesses are paying the right amount of income tax, capital gains tax, PAYE, corporation tax and, for contractors, tax under the Construction Industry Scheme. Business owners will usually be given seven days’ notice of an inspector’s visit and will be warned which records they need to produce, but unannounced visits can also be made if the employer is suspected of being dishonest. “HMRC... »