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Business news : November 2008
Accountants Warn of a New ‘Get Tough’ Regime by the Taxman
Gareth Hughes chartered accountants are warning business owners of a new “get tough” regime which will be implemented from 1 April 2009 when HM Revenue & Customs’ (HMRC) power to obtain information and documents will be extended and HMRC will also be given new powers to inspect business premises.
The new rules mean that HMRC will be able to ask taxpayers for documents and information that is “reasonably required” to check their tax position, even where no tax return has been made or before a tax return is due. Additionally HMRC will have the power to require third parties to provide documents and information relevant to a taxpayer.
Gareth Hughes, partner at Gareth Hughes & Co, said: “Taxpayers will be waiting with interest to see how HMRC puts these powers into effect from April 2009. As the saying goes, ‘With great power comes great responsibility’, so there is sure to be considerable interest in whether HMRC uses these wide-ranging powers wisely and well.”
For more information, contact Gareth Hughes & Co on 01492 593345.
To find out more about how we can help you, or to arrange a free initial meeting, please contact us.
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Gareth Hughes & Co - North Wales Accountants |