Much has been written about the new HMRC compliance powers, which were developed to provide a more flexible targeted approach to checking tax returns. HMRC can call for documents and information and are entitled to visit your business premises, but take up of the new powers has initially been slow and no problems have been reported as yet. For business owners there is much emphasis again on adequate record keeping, and you might wish to review areas of weakness in your records and take steps to introduce controls designed to show that the records are adequate as a basis for the tax return. This is particularly important for businesses accepting payment in cash.
Tags: HMRC, Personal tax returns
