HMRC are updating their Business Risk Review (BRR) process later this year, primarily to leverage its ability to influence taxpayer behaviour to adopt a lower risk approach to managing their UK tax affairs, as well as looking to more accurately reflect the risk profile of taxpayers. This will allow them to better target its resources to those taxpayers who represent greater risk. Having carried out a pilot with 65 taxpayers, at the end of last year, HMRC have confirmed they are planning for the new process to be introduced from October 2019.
Below is a short recap the key BRR changes, impacts and what taxpayers should be focusing on now. Following that are some practical examples of how PwC can work with organisations to prepare for the updated BRR process launching this autumn.
What are the key changes?
What should taxpayers focus on now?