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Heavy burden
Key points
- Many businesses are struggling to keep up with the ‘compliance burden’ of understanding and adhering to the continuous development of the tax rules and HMRC guidance.
- There is a price to pay for organisations that do not take this seriously and fail to allocate the right internal and external resource to tax matters.
- Businesses can be denied tax reliefs face penalties and even be named and shamed for non-compliance with the rules.
- Businesses must identify and follow the rules that affect them as well as keep records as evidence that they have complied with the administrative provisions that allow access to tax reliefs.
- Some may need additional support either through bolstering internal teams responsible for tax or by leaning on external advisers.
Tax policy has long been used as a lever to influence the behaviours of taxpayers. HMRC has historically relied on two...
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