HMRC moves on single compliance process for SMEs
HMRC hopes new process will reduce compliance burden on SMEs
HMRC hopes new process will reduce compliance burden on SMEs
A SINGLE COMPLIANCE PROCESS FOR SMEs is to be implemented by HM Revenue & Customs as it seeks to reduce the compliance burden placed on small businesses.
Under the single compliance framework, HMRC hopes to reduce the time it takes to conduct enquiries, focus the intensity of enquiries in a manner proportionate to the risks identified, and improve the quality and consistency of enquiry work across SMEs.
It is hoped the system will cater for both single-tax and cross-tax enquiries, but it will not take in issues relating to the hidden economy.
The process will utilise three separate approaches: desk-based, for cases that can be worked either by correspondence or over the telephone; visits, to provide a simplified and faster route for those cases where a face to face visit is required, and; evasion to address those cases showing evasion characteristics, requiring evasion approaches from the outset, such as surveillance or unannounced visits.
After a trial concluded in March, HMRC said the approach – emphasising openness, early dialogue and collaborative working between HMRC and taxpayers – was found to conclude direct tax enquiries more quickly, with 86% taxpayer satisfaction.
The numbers you crunch tell a story. Your expertis...
11yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe Office for National Statistics revealed that the UK economy shrank by 0.3% in March after the economy grew by 0.1% in the previous three months Re...
View articleAs the Spring Budget approaches, dissenters of the UK government’s increasingly complex contractor legislation are baying for change. HMRC has already...
View articleThe “dramatic” increase may spur similar action in other jurisdictions, according to one expert Read More...
View articleStricter controls on VAT compliance is set to shut down the “colossal” VAT tax gap. Read More...
View articleThere has been a percentage increase in the number of claims made by companies, but more needs to be done Read More...
View articleThe Targeted Anti-Avoidance Rule was introduced to prevent individuals lowering their tax liability by converting what would otherwise be a dividend i...
View articleIn 2016-17, the average length of time to settle a tax investigation rose to 34 months, up from 31 months in 2015-16. The tax authority has also incre...
View articleMoore Stephens calls upon the government to consider re-introducing a corporation tax discount for the SME sector Read More...
View article