HMRC COMPLIANCE CHECKS FOR EMPLOYERS AND CONTRACTORS
HMRC is under increasing pressure to improve its tax revenues. It appears more committed than ever to ensure that both employers and contractors are complying with their tax responsibilities. As a result, HMRC compliance checks are increasing in frequency.
Regardless of the increasing administrative burden and technical complexity of the tax system imposed on businesses, HMRC expects employers and contractors to have appropriate systems and records in place to demonstrate that they are tax compliant.
HMRC uses a risk-based process to identify potential businesses to review. This is in order to enable them to monitor compliance with the tax system. If you are selected for a compliance review, it’s likely that HMRC has identified a perceived risk area. The focus of HMRC compliance activity means that any errors identified can result in severe financial liabilities and penalties for businesses.
What Albert Goodman can do for you.
We can provide health checks on all matters related to employers and contractors. By working with you, we can fully review the systems and record keeping processes you have in place to ensure that they are suitably robust to satisfy HMRC’s expectations.cfcd
Our HMRC compliance checks can cover issues such as:
- Reviewing your expenses policy and payment procedures, to ensure the appropriate records and receipts are maintained. This ensuring your records are compliant.
- Where benefits are being provided, that these have been correctly assessed and reported to HMRC.
- Checking your payroll records to ensure the appropriate rates are being applied and that the correct elements of gross pay have been included.
- Check that you are applying the correct employment status for those who work in and with your business.
- Where termination payments have been paid, check that the appropriate tax and NIC liabilities have been paid.
- Review your operation of the construction industry scheme.
- Consider the impact of IR35 legislation, where appropriate.
- Consider the impact of the Intermediaries’ reporting requirement, where appropriate.
- Identify potential areas where national minimum wage issues could arise.
As part of our service, you’ll receive a tailored report with recommendations and suggestions to address any issues identified during our health check.
A health check may also be beneficial for satisfying due diligence requirements when acquiring or disposing of a business, to ensure there are no hidden surprises or potentially expensive warranties to consider.
At your convenience
We will work around your schedule and make ourselves available for appointments when it is convenient for you, responding promptly and personally to any query you may have.
Whilst offering service levels that are second to none, Albert Goodman appreciates the need to remain highly competitive in its fee structure; all of its clients receive unbeatable value-for-money. In addition, we will agree on fee structures with clients prior to starting a review. We are always open about our fees and are able to quote in advance for our work.
Tracey Watts, Partner.
Tracey heads up our Tax Team and specialises in business-related tax matters, such as transactional work, succession planning, reorganisation and corporate tax reliefs. Tracey also supports our clients through the enquiry process and is well placed to help clients navigate their way through the increasingly complex tax system
Julia Clutterbuck, Consultant
Julia is a tax consultant specialising in all matters relating to PAYE/NIC, expenses and benefits, employment status, IR35, construction industry scheme and national minimum wage. Julia spent over 27 years with HMRC working exclusively as an employer and construction industry scheme compliance expert.
Book your compliance health check now
Contact us today and speak to our expert team to get started