They're watching you!

FOLLOWING THE CREATION of HMRC there has been a noticeable change in the emphasis that the new organisation places upon compliance for both corporate entities and individuals. This emphasis has been driven by the Treasury who are putting HMRC under considerable pressure to deliver increasing amounts of tax from 'UK plc'. There are significant changes in the way HMRC are pursuing compliance issues and some of these are outlined below.

Corporate

Taking the company position first it is clear that tax issues are high on HMRC's priority list. Governance issues such as conflict of interest which have been highlighted in the Sarbanes-Oxley Act in the USA are having an increasing effect in the UK. HMRC have recently written to the managing directors of the top 500 UK companies to remind them that tax should be on their corporate agendas. The old régime of cosy relationships...