The Bourne Agenda: Disclosure – How much is enough?

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The Bourne Agenda is a fortnightly blog brought to you by Bourne Business Consulting LLP, an independent tax and business consultancy with offices in London and Farnham.

Under the self-assessment regime, the taxpayer, whether an individual or a corporate entity, is under a legal requirement to disclose as much information as is required to make a "correct and complete" tax return. However, it is becoming increasingly unclear as to how much information is considered enough for a tax return to be agreed. Recent cases have helped to fuel the ambiguity surrounding disclosure and HMRC's power to extend the window of opportunity in which to open an enquiry.

Under corporation tax self assessment (CTSA) a company that is not 'small' has 12 months from the end of the financial year to file t...

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