HM Revenue & Customs (HMRC) warned today that charities need to get ready for the new aligned compliance checks framework that comes into effect next month.
With new information and inspection powers, record keeping requirements, time limits for tax assessments and claims and the accompanying safeguards, charities need to make sure that they know what this will mean for them. From 1 April 2009, HMRC will have one set of powers and safeguards covering PAYE, VAT, Income Tax, Capital Gains Tax, Corporation Tax and the Construction Industry Scheme. There will also be safeguards in place to ensure that the powers are used appropriately.
HMRC's Dave Hartnett said:
"This new approach to compliance checks will improve HMRC's ability to ensure that the right tax is paid at the right time. We have consulted with taxpayers and their agents to make very sure that HMRC achieves the right balance between obtaining the information we need and appropriate use of our powers."
More information about the new checks is available from specialist ex-revenue investigators at AegisTax.
