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Using some practical examples, KEVIN HALL and MIKE DOWN consider the possible implications of HMRC’s new compliance powers
KEY POINTS
- Are there more safeguards because there are more powers?
- Just what is a ‘statutory record’?
- The relationship of business and private records.
- The threat and impact of daily penalties.
- Will the powers review set practitioners’ minds at rest?
From April HMRC will have new compliance powers that they will use to make sure that taxpayers pay the right amount of tax.
Given the amount of articles devoted to the subject recently most practitioners already have a good grasp of the changes.
What is without doubt is that HMRC will be able to access information more readily from taxpayers either through correspondence and formal written notices or during visits to business premises which can be with or without warning.
It is also clear that where additional liabilities are identified...
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