Economia HMRC tax accounting rules features

Reporter: Nick Martindale

Publication: economia


Deadline: Mar 24, 2017 12:00 pm

I’m working on a piece for Economia magazine, looking at the measures HMRC is taking to companies which fail to comply with tax accounting rules. I’m particularly interested in the following: What measures has HMRC taken over recent years to target companies which fail to comply with accounting requirements? How have penalties increased? What are the main areas accountants and finance directors need to watch out for? Where are businesses being caught out? How significant is the personal responsibility for senior executives in this crackdown? How aware of this are in-house finance directors, and what should they be doing to ensure they are not caught out? What is the impact of the new PCRT code here? Does this help as a defence from charges of criminal liability? How significant will the new legislation coming into force later this year be, giving HMRC the power to penalise enablers of tax avoidance? What impact will this have, and what are the concerns around this from an accountancy/FD perspective? Is there a risk that businesses setting up legitimate businesses overseas could be targeted? Does HMRC have sufficient resources itself to implement this fairly, or is there a risk that it will only be going after larger or higher-profile cases? How is this likely to develop over the next few years? I’m looking for accountants, consultants and law firms to provide comment around this, and will need comment to reach me by the end of next week (Friday 24 March). Please let me know by email initially who might be willing to comment. Thanks, Nick