HMRC have now published a response to their consultation ‘Large Business compliance – enhancing our risk assessment approach’.
The Consultation looked at how HMRC might refresh and improve the current risk assessment “Business Risk Review” (BRR) approach.
Whilst most respondents (80%) thought that the existing BRR works well, there were various suggestions about how HMRC could improve the process. These included:
- Increasing the number of risk categories.
- Taking more account of the tax risk management work already required by large businesses, such as Senior Accounting Officer provisions .
- Providing more clarity on the advantages and disadvantages of classification into particular risk categories
- Continuous dialogue between HMRC’s Customer Compliance Managers and their customers on reducing tax risks.
HMRC will develop a new version of the BRR that will reflect some of the proposals mentioned above, with the intention of running a pilot later in 2018 across a defined group of customers and alongside existing BRRs. As long as the pilot delivers the desired outcomes, the improved BRR will be effective from 1 October 2019.
The consultation response can be found here.
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