The business of tax in 2017
Accountancy & Tax Large businesses are vital to the UK’s economy. In supporting the strategic business decisions that underpin that success story lies the need for clarity and certainty.
Our approach is very straightforward. We aim to be even-handed and impartial with all of our taxpayers irrespective of whether you’re a multinational corporation or an individual paying your tax through the Self Assessment system.
Central to our work with large business is making sure that those businesses – the majority - who play by the rules - don’t spend more time than absolutely necessary on tax. We deliver on that by focussing our resources where we believe there is the greatest risk of tax going unpaid. That means identifying business or individuals that might not be playing by the letter or spirit of the law - intentionally or otherwise, so we focus our technical expertise where it’s needed and is most likely to deliver material results. The tax risk that we aim to tackle is identified by our world-leading intelligence and data analysis teams, supported by our cutting-edge software.
For large businesses we add to our risk-based approach, as the money at stake and the complexity of the businesses’ tax affairs means we have to take a more hands-on approach. We assign a highly-trained senior tax expert to each of the UK’s largest companies whose primary role is to make sure the business pays everything they owe and on time. These tax experts also gain an in-depth knowledge of the business to provide the business with clarity around the rules and better understand the sector, tax strategy and any preparedness to push the boundaries.
In practice being open and transparent with HMRC pays dividends, significantly reducing the time spent on tax administration and compliance and that’s in everyone’s interests.
London is the most vibrant city in the world and businesses, large and small play a vital role in that success.