Andy Olymbios, Head of Tax Disputes Network at PwC UK, comments
The Government announced it is investing £161m over the next five years to increase compliance and debt management capacity in HMRC which is expected to yield an additional £3bn of tax revenues. This investment is expected to support HMRC's increased compliance and risk assessment activity through processes such as the Business Risk Review and new Uncertain Tax Treatment provisions for large businesses, the latter applying for tax returns filed on or after 1 April 2022. This is a clear signal to taxpayers to more proactively manage risk through robust governance, data management and early engagement with HMRC in order to manage uncertainties.
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 156 countries with over 295,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at PwC.
PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see how we are structured for further details.
© 2022 PwC. All rights reserved