Following on from my article on Monday about 73% of HMRC's business records checks being fruitless, a loyal reader has advised me of the following:
"Last September I submitted a client company's corporation tax return with the following additional information on it:You can lead a horse to water, but you can't make him drink!
1. In our opinion the quality of the accounting records was below the Companies Acts requirements.We are just about to submit this year's return and will have to include the same note again.
2. We were unable to assess the level of closing debtors and creditors.
Interestingly HMRC have done SFA to check the company's records."
Tax does have to be taxing.
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Not surprised. You have to understand how HMRC is set up wrt compliance activity. In my experience most enquiry work is now project/task force driven, RIS would not pick up a solitary case like this. In fact and again this is based on my experience they cannot find enough CT evasion cases for my office, hence I spend some of my time looking/researching suitable cases, which RIS can't find. What a waste of resource. What a way to run a department.
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