HMRC powers - record keeping
HMRC is being given the power to set out what records should be kept and preserved. For these purposes, the records extend to include supporting documents such as vouchers and receipts, and the list can be extended to items specified in any notice published by HMRC.
However, HMRC has stated it does not want to introduce mandatory record keeping requirements that impose extra burdens on business. Additionally, HMRC has the power to look at records in ‘real time’, i.e. before a return has been filed. This seems a particularly wide-ranging power and could waste a lot of time.
There has been some consultation on standardising time limits. The downside is that this is being introduced without any transitional provisions and as, generally, the time limits for claims are being reduced this may lead to missed opportunities.
Date: 30th July, 2008
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