Business Risk Review Hmrc
Customer relationship managers currently conduct a.
Business risk review hmrc. Hmrc has over recent months been piloting a new approach to the way it evaluates the tax risk profile of large businesses. Revised business risk review hmrc. Business risk review brr a brr is an in depth review by hmrc of all tax compliance and governance.
Saffery champness llp is regulated for a range of investment business activities by the institute of chartered accountants in england and wales. Saffery champness llp is a member of nexia international a worldwide network of independent accounting and consulting firms. On 1 october 2019 hmrc introduced its new business risk review brr process for large corporates.
Updated guidance has recently been published for hmrc s business risk review 2019 process known as brr. This follows a consultation in which hmrc recognised the original approach is 10 years old and whilst it is deemed successful has undergone limited change. Hmrc s new business risk review.
Hmrc s corporate risk assessment takes a new approach. In more detail hmrc customer compliance managers ccms. As of 1 october 2019 hmrc has introduced the new business risk review brr process which incorporates a number of changes to assess risk.
The business risk review brr is a core feature of how hmrc manages the tax compliance of the largest businesses. The business risk review brr is the process by which we evaluate and discuss with the customer where we think they sit on the compliance spectrum and in particular whether they meet the. This new business risk review guidance applies to all large companies from 1 october 2019 and moves away from the previous two category system of business risk review as either low risk or non low to a new four category sliding scale of tax risk.
Hmrc have always had some form of risk profiling for companies but most of this is quite outdated and not considered fit for purpose in the modern world. Consequently over recent months hmrc has been trialing a new approach to the way it evaluates the. Revised business risk review hmrc have now circulated guidance concerning the new business risk review process that will be introduced from 1 october 2019.