Newth Talks Tax: Enquiry deadline
Mehmet Kemal enquired about a notice just issued (in March 2008) by HMRC under section 12A(c), Taxes Management Act 1970, in his query of 13 March 2008. This notice related to accounts prepared for the year ended 31 May 2005, included in the tax return for 2005/2006.
The tax return was filed well before the deadline of 31 January 2007. In these circumstances Mehmet thought that the deadline for opening enquiries was 31 January 2008.
Euan McLennan confirmed that the deadline for opening an enquiry under section 12A(c) was:
Continued...
The full article is available to registered AccountingWEB members only. To read the rest of this article you’ll need to login or register.
Registration is FREE and allows you to view all content, ask questions, comment and much more.
Or if you are already registered, login here
jumping the gun
It appears that if this was issued in March, someone was jumping the gun.
From 1 April, under the new rules, of course, an HMRC officer may ask questions if he has reason to suspect the return is wrong and he might be able to make a discovery. This is being used in cases where HMRC actually have evidence that the return is wrong (like figures from a bank) and the corrcetion is made and that's an end to it.