Business tax: Independent business reviews
Twelve firms have successfully applied for inclusion in HMRC's independent business review panel. The criteria included an ability to deal with complex structures and large 'financially stressed' businesses.
PBR 2009 announced a requirement for businesses asking for additional time to pay for debts over £1 million 'to provide an independent review of their needs'. The Government said it was 'important both for the businesses concerned and to protect taxpayers that HMRC can make an informed decision in these few highly complex cases'. The 12 firms are Baker Tilly BDO Begbies Traynor Deloitte Ernst & Young Grant Thornton KPMG Mazars Moore Stephens PKF PwC and Smith & Williamson. HMRC said inclusion on the panel was not permanent and the process would be reviewed every six months.
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