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HMRC’s new business risk review

HMRC is revisiting the way it risk assesses businesses. Lucy Sauvage and Laura Harper (BDO) consider practical issues for those affected.
 

HMRC’s current approach and why it is looking to change it

Customer compliance managers (CCMs) currently conduct business risk reviews (BRR) on a periodic basis with large organisations typically those with a turnover of £200m or more. The current approach is based on an assessment of seven criteria which capture both the inherent and behavioural tax risks of an organisation in order to provide a binary low risk/non-low risk rating. The attributed risk rating determines the level of scrutiny and resource the business receives from HMRC.

HMRC recognises that there has been an increasing number of tax risk and reporting obligations for the largest organisations including the senior accounting officer (SAO) regime the requirement to publish a tax strategy...

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