Prepare for new compliance regime, warns HMRC
New powers of inspection and requirements on record keeping could hurt unprepared businesses
HMRC has warned
companies that they need to be ready for the new compliance checks regime that
comes into force next month.
The taxman has advised businesses to ensure they know what the new rules will
mean to them, with new information and inspection powers, record keeping
requirements and time limits for tax assessments and claims being put in place
from 1 April.
HMRC will have one set of powers and safeguards covering PAYE, VAT, income
tax, capital gains tax, Corporation tax and the Construction Industry Scheme.
There will also be safeguards in place to ensure that the powers are used
appropriately.
‘This new approach to compliance checks will improve HMRC’s ability to ensure
that the right tax is paid at the right time,’ said Dave Hartnett, permanent
secretary for tax at HMRC. ‘We have consulted with taxpayers and their agents to
make very sure that HMRC achieves the right balance between obtaining the
information we need and appropriate use of our powers.’
Further reading:
Read HMRC’s
information on the new compliance checks regime
