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10 Mar 2009
Businesses and tax advisers have less than a month to prepare for a tougher compliance checking regime among extensive changes being introduced by HMRC to harmonise former Customs & Excise and Inland Revenue powers.
HMRC will operate a single set of powers covering PAYE, VAT, income tax, capital gains tax, Corporation Tax and the Construction Industry Scheme from 1 April. This will involve additional information and inspection powers, record keeping requirements, time limits for tax assessments and claims and accompanying safeguards.
A spokesperson for HMRC said the new powers being brought in next month were designed to make 'the tax system simpler and more consistent'.
To assist compliance with the new powers, 'an e-learning package is available to guide tax advisors and taxpayers through the new regulatory framework and how it will change compliance procedures'.
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