New tax compliance regime looms
HMRC's new rules loom
Businesses and tax advisers have less than a month to prepare for a tougher
compliance checking regime among extensive changes being introduced by HMRC to
harmonise former Customs & Excise and Inland Revenue powers.
HMRC will operate a single set of powers covering PAYE, VAT, income tax,
capital gains tax, Corporation Tax and the Construction Industry Scheme from 1
April. This will involve additional information and inspection powers, record
keeping requirements, time limits for tax assessments and claims and
accompanying safeguards.
A spokesperson for HMRC said the new powers being brought in next month were
designed to make ‘the tax system simpler and more consistent’.
To assist compliance with the new powers, ‘an e-learning package is available
to guide tax advisors and taxpayers through the new regulatory framework and how
it will change compliance procedures’.
