HMRC releases latest guidance
Under the Senior Accounting Officer (SAO) legislation, introduced in 2009, the individual responsible is required to personally certify that their company systems are fit for the purpose of reporting taxes. Revised guidance from HMRC was issued on 26 April 2012 on the practical application of the Senior Accounting Officer.
The revised guidance is positive news for SAOs and their companies as it provides greater clarity around some of the more challenging aspects of the rules, including the circumstances in which penalties might be levied.
All SAOs should now have submitted their first certificate and, based on our data, it would appear that around 30% have disclosed errors or weaknesses in their UK tax controls. This new guidance comes at a time when the initial “light touch” period no longer generally applies and will be well received as companies, more than ever, need to understand how HMRC intends to apply the legislation.
‘Beyond year one: The SAO toolkit’ was explored in more detail in a webinar on 21 May.
Download slide deck
We looked back at what we’ve learnt since the three years since SAO was introduced and looking forward , we considered what SAOs and businesses should be doing in order to be compliant in years two and beyond.
Download Beyond year 1: The SAO Toolkit (PDF, 782 KB)
Our original SAO Toolkit helps you to identify common risk areas, immediate areas of focus, what to disclose and do’s and don’ts of getting the documentation right. Please access the links below to get further insight into the areas that most interest you.
Download the original SAO Toolkit (PDF,1.13MB)