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MARK BEADLES and MIKE DOWN review HMRC's tax enquiry approach to checking and measuring business profits
KEY POINTS
- Can HMRC show that business records are broken?
- Are private records relevant?
- How will HMRC recalculate profits?
- Will earlier years be taken into account?
- The importance of co-operation and negotiation
There has been much recent commentary surrounding the changes to HMRC's strategic approach to enquiries.
Professional advisers are struggling to get to grips with the introduction of a new penalty regime the concept of statutory business records new powers for HMRC to investigate business premises and changes to the ways in which enquiries and appeals are resolved.
However in the midst of all this change it is perhaps all too easy to lose sight of some of the more fundamental ways in which HMRC approach enquiries. On the whole these tried and tested methods remain largely unchanged and...
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