Whilst COVID-19 significantly reduced the number of BRR+ reviews, more recently there has been an upturn in the number of meetings taking place, with many more being scheduled for the rest of the year.
At the same time, the world of tax compliance is becoming ever more complex, through increasing digitisation and regulatory requirements and HMRC’s expectations and approach to assessing businesses under BRR+have also increased. HMRC’s focus on tax governance is sharper than ever and combined with growing external pressures and operational challenges in ensuring all tax obligations are fully satisfied, the environment for taxpayers is becoming more challenging. All of this plays out in the updated BRR+ framework and in our experience of seeing how HMRC is working with businesses under the new framework.
Taxpayers need to respond by determining whether they have the appropriate systems, processes and resources in place to deliver their tax obligations within a robust governance framework and effective control environment.
What are we seeing in practice?
In addition to the significant increase in the number of BRR+ meetings taking place and scheduled throughout the year, we want to highlight 5 themes emerging from the work we are doing supporting Groups through their BRR+ process: