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:
At any time during the course of a compliance check, a taxpayer may apply to the Tribunal for a direction that HMRC should issue either a final or partial closure notice within a period specified by the Tribunal. See the Amendments to a return during a compliance check guidance note. See TMA 1970, ss 28A(4), 28B(5) for individuals and trustees, and for partnerships, respectively, and FA 1998, Sch 18, Part IV, para 33(1) for companies.
Note that 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.
An application for a partial or final closure notice will relate to formal compliance checks opened by HMRC under TMA 1970, s 9A (for individuals and trustees), TMA 1970, s 12AC (for partnerships) or FA 1998, Sch 18, Part IV, para 24 (for companies). Closure applications can only be made in relation to compliance checks opened using these formal powers.
An adviser should be mindful of this process and the protection offered to the taxpayer from a legislative framework if an informal check has been requested.
If informal checks have been made by HMRC, consideration should be given to asking the HMRC officer concerned to discontinue or place the check on a formal footing (if the time limit for opening a check into the particular period has not expired). If the check is then placed on a formal footing rather than being closed, an
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
Tax professionals will often be asked to provide input into the financial statement work undertaken by audit professionals. This guidance note is intended to give an overview of some of the key issues when undertaking audit work.This note is an introduction only and is written on the assumption that
The majority of state benefits (also called social security benefits) are managed by the Department of Work and Pensions (DWP) via the Jobcentre Plus.Some benefits are dependent on a national insurance contribution record (and different classes of national insurance provide different benefit
This guidance note explains how trustees of bare trusts are treated for income tax and capital gains purposes. Although a bare trust is, in equity, a type of trust, for both income tax and capital gains tax purposes its existence is transparent. This means that no tax liability falls on the trustees
What is a quoted company?Reference to a quoted company is usually to a company where the shares in the company are listed on the London Stock Exchange, any other international stock exchange, or on AIM or ICAP Securities and Derivatives Exchange (formerly the PLUS market and now known as ISDX) in