It was announced in this year’s Budget that the senior accounting officer of large companies (as defined under the Companies Act) will be required to take reasonable steps to establish and monitor accounting systems to ensure they are adequate for accurate tax reporting purposes. Failure to do so could lead to a personal fine of up to £5,000, a fine for the company and/or increased HMRC scrutiny.
If you would like further information about these new responsibilities, please speak to your usual Blick Rothenberg contact, or
Toby Ryland.