22nd Apr 2009
- In a move to improve the tax internal controls of large companies, HMRC will be working on legislation to require large companies to name their senior accounting officer, and to require that person to sign off an assurance on an annual basis that the companys internal controls are adequate for tax purposes. Senior officers will be required by law to take reasonable steps to establish and monitor accounting systems that are adequate for tax reporting. If such an assurance is incorrectly given either carelessly or deliberately the officer may be personally liable to a penalty of up to 5,000.
- Taxpayers who are penalised for deliberately understating their tax due (or inflating claims) where the potential lost revenue exceeds 25,000 will have their names an...