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why does and when should hmrc use a statement of personal assets and liabilities

its confusing adapting from the straightforward "old style" enquiry process using s9 & 19a  and the new methodology: based on risk and simple initial compliance checks.....

a) should the statement of assets and liabilities be used

1) to assess the clients' means at the opening and closing date of the period covered by the enquiry?

2) after settlement and penalties have been agreed?

3) during the closing stages to assess the client's personal means/ability to pay?

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03rd Apr 2012 08:51

Possibly yes to all

1) Yes, if there is concerns regarding the accuracy of the records.  They may wish to consider preparing a capital statement for the year to confirm sufficient funds to source any increase in savings etc.

2 & 3) Yes, where there has been a cliam to hardship then clearly HMRC are going to want some form of evidence to support that claim.  Clearly if ther person had sufficient savings on hand it would be wrong for HMRC to not seek payment in those cases.

 

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