HMRC targets businesses that fail to publish tax strategy

Businesses that fail to disclose their tax strategies to the public are likely to receive a nudge letter from HMRC says national accountancy group UHY Ross Brooke.

The department is writing to businesses to prompt them to publish their tax strategies online. However those that fail to publish them after being warned may receive a fine.

Since September 2016 companies partnerships or groups have been required to publish their tax strategies online if their global turnover exceeds £200m or if their global gross assets exceed £2bn. Failure to do so can result in a fine of £7 500 with subsequent monthly fines until the strategy is published.

David Jones director at UHY Ross Brooke said: ‘We’ve been getting calls from businesses who have been unpleasantly surprised by HMRC’s crackdown on a failure to publish tax strategies. Many had no idea at all...