Under its new extended powers HMRC is opening enquiries with more certainty of getting a financial result than ever before, so it’s essential that accountants prepare their clients in advance, argues Phill Robinson.
In the context of mainstream direct tax liabilities of businesses, there has been a massive extension of HMRC’s powers. The new legislation provides for statutorily authorised ‘fishing expeditions’, which means that when HMRC starts an investigation they may already know that there’s something in it for them, so accountants should take steps now to protect their clients and themselves.
What can HMRC inspect?
HMRC can carry out an inspection of business premises (which includes vehicles and parts o...