HMRC have issued new guidance on the accuracy and completeness of documents – in particular self-assessment tax returns – as part of their Guidelines for Compliance series. The new guidelines focus on making sure that:
information submitted is correct and complete;
any particular interpretation of the law that has been adopted is one that is reasonable including in situations where a range of views is possible which result in a judgement having to be taken;
before taking a novel interpretation of the law (i.e. a position that has not been considered by the courts or tribunals) there is good reason to believe that that approach is correct with professional advice taken as appropriate.
The guidelines also cover clearance applications and flagging an uncertain tax position to HMRC noting the importance of the disclosure of the uncertainty as summarised by the Special Commissioner...
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HMRC have issued new guidance on the accuracy and completeness of documents – in particular self-assessment tax returns – as part of their Guidelines for Compliance series. The new guidelines focus on making sure that:
information submitted is correct and complete;
any particular interpretation of the law that has been adopted is one that is reasonable including in situations where a range of views is possible which result in a judgement having to be taken;
before taking a novel interpretation of the law (i.e. a position that has not been considered by the courts or tribunals) there is good reason to believe that that approach is correct with professional advice taken as appropriate.
The guidelines also cover clearance applications and flagging an uncertain tax position to HMRC noting the importance of the disclosure of the uncertainty as summarised by the Special Commissioner...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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