The following Owner-Managed Businesses guidance note Produced by Tolley in association with Emma Broadbent of Grant Thornton provides comprehensive and up to date tax information covering:
This guidance note uses the term ‘compliance check’ in line with HMRC’s current terminology. However, the term ‘enquiry’ is still used in the referenced legislation.
A return can be amended in the following situations:
HMRC gives notice of its intention to formally check returns under the following:
TMA 1970, s 9A (individuals and trustees)
TMA 1970, s 12AC (partnerships)
FA 1998, Sch 18, Part IV, para 24 (companies)
For a discussion of the time limits on opening compliance checks, see the HMRC’s powers to open an enquiry into a return guidance note. The Types of checks on returns guidance note may also be useful.
The effects of an amendment made to a tax return during the course of a formal check into an individual, partnership and company return are very similar. The guidance that follows comments sp
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