New HMRC powers don’t need to be taxing
Fife Chamber members were treated to an unequivocally entertaining presentation focusing on the impact of significant new powers that have been given to HM Revenue and Customs (HMRC) officers.
On Thursday 29th April, in the first of a series of "Business Masterclasses", Professor Alex McDougall (Bsc CA CTA TEP AIIT FRSA), Senior Tax Partner at Haines Watts Kirkcaldy and Edinburgh, expertly and enthusiastically guided the attendees through the new processes and legal requirements associated with the new regulations.
Following the 2005 merger of the Inland Revenue and HM Customs & Excise, HMRC have been introducing new legislation every year since 2007, with a focus on implementing a set of universal rules and powers across all tax departments.
From the 1st of April 2009, officers of HMRC gained new powers to obtain information from taxpayers and to carry out inspections of business premises. The new powers can be exercised by HMRC in any situation in which they wish to check the "tax position" of a person or business. Additional powers apply from the 1st of April 2010.
Professor McDougall discussed the implications to local businesses regarding these new powers. Some of the more prominent topics discussed were; HMRC's power to gather new levels of relevant documentation from any business they are investigating, new rules regarding the power to inspect business premises and the penalties and subsequent fines related to the incorrect completion of tax returns.
Fife Chamber President Bill Main said: "We were absolutely delighted that Alex came to talk to us on what can often be a daunting subject for many businesses and business people. His passion and knowledge of the subject is incomparable and it truly was an entertaining experience to hear from someone so well versed in the complexities of the taxation system."
Fife Chamber works to contribute positively to the Fife economy by representing its members' interests, engaging with businesses of all types, identifying and debating issues affecting the Fife economy and lobbying locally and nationally to help resolve business concerns.
Fife Chamber are delighted to have secured Professor McDougall to speak at their breakfast event on 10th June on the subject of Inheritance Tax Planning, further details can be obtained from Fife Chamber on 01592 201932.
