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 specifically on amendments made to individual and trustee returns but has equal application to partnershi
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