HMRC releases latest guidance
26 April 2012
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
