• Service: Tax, Global Indirect Tax, Global Mobility Services, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 4/11/2014

United Kingdom - Enhanced focus on senior accounting officers rules 

April 11:  HM Revenue & Customs (HMRC) updated the Senior Accounting Officer Guidance Manual—guidance concerning the liability of senior accounting officers for performing certain functions or acts.

The changes indicate HMRC’s adoption of a more robust approach in this area.

The updated HMRC guidance reflects the following changes:

  • Significant increase in the level of procedural guidance relating to penalties for “main duty” failures or failures for inaccurate certificates
  • Clarification that the company’s notification of the identity of the senior accounting officer is to be provided separately from the senior accounting officer certificate
  • Clarification of the role of the customer-relationship manager—specifically, that this person is not expected to monitor certification dates for groups
  • New guidance on the steps that customer-relationship managers are expected to take when the identity of the senior accounting officer has not been made known before the statutory deadline
  • Senior level HMRC approval required for certain departures from the statutory position (for example, in relation to deadlines)

Read an April 2014 report [PDF 664 KB] prepared by the KPMG member firm in the United Kingdom: Weekly Tax Matters (11 April 2014)

Also included in this KPMG report are discussions of the following topics:

  • First Tier Tribunal decision regarding an HMRC information notice
  • Modernising the taxation of corporate debt and derivative contracts
  • VAT treatment of refunds made by manufacturers - Information sheet released
  • 2015 VAT changes – Commission’s explanatory notes released
  • Littlewoods Retail Ltd and Others – High Court judgment
  • VAT case updates
  • FTT case – Entrepreneurs’ relief and employment of spouse

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