Revenue wants ‘ins and outs’
Date published: 26 November 2009
Revenue and Customs (HMRC) wants to dramatically increase its powers to demand information from companies on customers and clients so that it can target them for investigations.
At present, HMRC largely restricts its requests for information on taxpayers to banks and estate agents, but now wants the right to be able to routinely ask all companies for data on their trading partners. According to Manchester accountancy firm UHY Hacker Young, companies could be asked to provide details on their suppliers so that HMRC can pursue those suppliers it believes are not paying the right amount of VAT.
HMRC also wants the right to levy bigger fines on companies that fail to provide the information on their customers.
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