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ED DWAN and LUCY SAUVAGE look at the new guidelines surrounding risk assessment
KEY POINTS
- HMRC’s changing approach to compliance for businesses.
- Purpose of the business risk review.
- Low risk rating will reduce tax compliance administrative burden.
- SMEs should act now to reduce the chance of being non-low risk.
- Keep communication lines with HMRC open.
Over the past couple of years the large business sector (LBS) has experienced a significant change in HMRC’s approach to tax compliance.
With internal tax compliance risk management guidelines for inspectors dealing with LBS clients just published and the roll-out of the new processes due to extend from large businesses to the next tier down imminent now is a good time to consider:
- what small and medium-sized enterprises (SMEs) may expect in the coming 18 to 24 months; and
- what they can do to minimise...
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