HMRC is consulting until 6 December 2017 on improving its business risk review process, which is a core feature of how it manages tax compliance relationships with large businesses.
The current process involves just two categories: low risk, or non-low risk. HMRC asks whether this should be segmented into more categories, including low risk, low-moderate risk, high-moderate risk, high risk and significant risk. Views are sought on whether the current assessment criteria based on seven factors (complexity, boundary, change, governance, delivery, tax strategy and contribution) are adequate, and to what extent the level of risk should influence the review frequency.
HMRC is also considering whether the low-risk rating should be aligned with the OECD’s tax control frameworks and whether a code of practice should be introduced for the highest-risk businesses.
HMRC is consulting until 6 December 2017 on improving its business risk review process, which is a core feature of how it manages tax compliance relationships with large businesses.
The current process involves just two categories: low risk, or non-low risk. HMRC asks whether this should be segmented into more categories, including low risk, low-moderate risk, high-moderate risk, high risk and significant risk. Views are sought on whether the current assessment criteria based on seven factors (complexity, boundary, change, governance, delivery, tax strategy and contribution) are adequate, and to what extent the level of risk should influence the review frequency.
HMRC is also considering whether the low-risk rating should be aligned with the OECD’s tax control frameworks and whether a code of practice should be introduced for the highest-risk businesses.
