Tougher HMRC compliance regime looms11 Mar 2009Businesses are being urged to prepare for a tougher HM Revenue and Customs (HMRC) compliance checking regime, which is due to come into force next month.From 1 April HMRC will acquire new powers in relation to compliance checks on individuals and businesses covering the areas of PAYE, VAT, income tax, capital gains tax and corporation tax.The Finance Act 2008 grants HMRC the right to visit businesses in order to inspect premises, assets and records, and to ask taxpayers and third parties for further documentation.As part of the changes, new time limits for assessment and claims will apply from the end of the accounting period or tax year. A four year time limit will also apply to taxpayer claims.The legislation is intended to provide a modern framework of aligned powers for HMRC, while making the tax system 'simpler and more consistent', a spokesperson said.To help taxpayers understand the new rules, HMRC has published an e-learning package. The guidance can be found at: http://www.hmrc.gov.uk/e-learning/compliance-checks/Externalmodule/HTML/Externalmodule_menu.html